Question

- The American economy was undergoing drastic changes from the 1790s through the first half of the 1800s, with the Market Revolution in full swing. How does the economy change with the Market Revolution? Discuss changes in transportation and industry that come along with the Market Revolution. Finally, talk about some of the consequences of industrialization.

Answer 1

Note: This response is in UK English, please paste the response to MS Word and you should be able to spot discrepancies easily. You may elaborate the answer based on personal views or your classwork if necessary.

(Answer) In the tangent of economics that is based on production, supply and demand are the two essential elements of the scale. When the demand is more and the supply is less, the economy is slow. When the demand is less and the supply is more, there is a stagnation or loss. However, when the demand and supply are both steadily increasing, the economy will have achieved a state of equilibrium.

During the 1790’s and early 1800’s, there were two prominent changes in America. First was independence and social rest after the colonies were dissolved. The second was technological changes that were brought about by the inventions of machines in the industrial revolution.

These social and technological changes made it easy for the demand of products to increase and the means of production to be efficient. The major change in the economy was because of the rise in mass-production that was brought about by machines and factories. Along with industries, the steam engine, the coal-train, ships and automobiles made transportation of market goods much less dangerous and more manageable.

With the open market and development of industries, the economy of the country thrived like never before. The entire country formed a market for goods and services that were produced seamlessly through the invention of new machines and transport.