What was the importance of factors of production during the Industrial Revolution?
The four factors of production: land, labor, resources, and entrepreneurship were all important to the success of the Industrial Revolution. The overwhelming demand for workers led to large scale urbanization as people moved to the city for jobs. Unskilled workers made the factories go and the banks fill.
Resources played a very strong role in the Industrial Revolution as well. Without the parts to make the finished product, factories would have been a failure. The quest for resources motivated European nations to establish colonies overseas to acquire metals, rubber, and petroleum. The need for resources also fueled the Atlantic Slave Trade in the United States and the Caribbean, as well as the land grab in Africa.
Businessmen were willing to risk their resources to take a chance at large profits, making them important factors in the Industrial Revolution as well. Tycoons like Rockefeller, Carnegie, and Firestone were not born wealthy and took huge risks investing in industrialism. There contributions were also important to the Industrial Revolution.