Placing workers and machines in one building is called______________?
Correct answer: C. factory system
- A. cottage industry
- B. guild system
- C. factory system
- D. exploitation of the proletariat
Explanation
The factory system concentrates workers, tools, and machinery in a single workplace under organized production. Cottage industry instead disperses production among workers in their homes.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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