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The Industrial Economy Video Lecture | Lucent for GK - UPSC
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FAQs on The Industrial Economy Video Lecture - Lucent for GK - UPSC
| 1. What is the industrial economy? |  |
Ans. The industrial economy refers to an economic system that is primarily based on manufacturing and production of goods using machinery and technology. It involves the large-scale production of goods and the utilization of resources to generate economic growth.
| 2. What are the key features of the industrial economy? | |
Ans. The key features of the industrial economy include mass production, division of labor, utilization of machinery and technology, economic specialization, urbanization, and the growth of the manufacturing sector. These features have played a significant role in shaping modern economies.
| 3. How did the industrial economy impact society? | |
Ans. The industrial economy brought about significant changes in society. It led to urbanization as people moved from rural areas to cities in search of employment opportunities. It also resulted in the growth of the middle class and improved living standards for many. However, it also brought challenges such as poor working conditions, income inequality, and the displacement of traditional industries.
| 4. What are some examples of industries in the industrial economy? | |
Ans. Some examples of industries in the industrial economy include manufacturing, mining, construction, transportation, and utilities. These sectors involve the production and distribution of goods and services, playing a crucial role in economic development and employment generation.
| 5. How did the industrial economy pave the way for technological advancements? | |
Ans. The industrial economy laid the foundation for technological advancements by promoting the use of machinery and technology in production processes. This led to innovations in manufacturing methods, such as the assembly line, and the development of new technologies. The increased demand for goods and the need for efficiency drove the invention and adoption of various technologies, ultimately shaping the modern technological landscape.
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Nov 22, 2024 Last updated |
Video Description: The Industrial Economy for UPSC 2024 is part of Lucent for GK preparation.
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