P3 interpret and assess relevant data statistics to illustrate how micro and small business impact on the economy. Micro and small business may not produce as much money as large business organisations but they are very essential and are most important donor to the economy. Micro and small business can be regarded as the building blocks of the economy. Following are the impacts of micro and small business in the economy: • Economic growth: micro and small business contributes to the economy by bringing growth to the area where the business has been established. By providing the employment opportunities to the unemployed people the micro and small business helps in motivating the economic growth.
This expansion of cities made the needs greater for the cities to grow, so we see the creation of the industrial core. The growth of the middle class and suburbs was a result of the urban boom. The social classes start to come in place because of the middle class. Many people look at the social division as a bad thing, but if all of the people were rich than there would be no need for the growth and develop. That is what makes the Gilded Age a celebrated time, it was not perfect time period by all standards but this idea of the social division was important to the growth of this county at this time.
Dat Chenh Prof. McNee History 313 03/13/2017 The Free Nation Industrialization. An inevitable event which took place during the late 19th and early 20th century also known as the second industrial revolution; marks an important turning point for life inside the United States. The most important contribution to the revolution was steel. With growth in production along with the significantly lower cost compared to iron, steel was the answered to new inventions in construction such as skyscrapers and in transportation such as trains and railroads. While the rise of industry brings many jobs and wealth to American soil, it also brings changes to working class Americans.
The economy was shifting over from an agricultural centric economy to a more manufactural setting. People were more inclined to work in factories than compared to working in the field. The Industrial Revolution was considered an era of industrialization because it changed how the people of Europe approached things all together. Rather than leaving a job to several men, inventors at the time sought to “produce machines that could do the job more quickly” allowing for a more efficient process (Aldiss). Many inventions were created to increase the production speed for items that pushed the economy.
The pro is that many immigrants are entrepreneurs and tend to bring value to the economy, in which raises the GNP. However, the con is that immigrants tend to compete for unskilled jobs against unskilled citizens. That does not deny the tremendous value that immigrants, many of them entrepreneurs, bring to the economy. In fact, a hefty proportion of foreigners entering America have high levels of education and are moving directly into the nation 's suburbs and professional classes. ``The net effect of immigration is still that it raises the GNP, ' ' says Harvard economist Richard Freeman, co-author of the NBER report.
U.S. by 0.17%, Canada by 0.96%, and Mexico by 1.3%. I believe the increase in wages for Mexico could be due to the high demand of employees since their manufacturing industry as grown. However, more recently the illegal immigration issues have increased. Immigrants likely come to the U.S. for work because even though we pay them considerably less than the American employee, they can still make more money in the United States vs. Mexico.
Due to the amount of wealth brought into England by the middle class workers, the number of savings accounts more than tripled while the total euros in the accounts more than doubled from 1831 to 1864 (good will use primary pg 2). As the banks received more money, they had more money to invest or give out as loans. This money went to directly support and influence the British economy, and it originated from the middle classes. The middle class acquired a greater influence over the economic part of England due to its financial growth. These middle class Britons obtained enough money to buy products for decoration and entertainment, which convinced shops to make more products and migrate to urban areas.
Illegal immigration into the U.S. is vast in scale. More than 10 million undocumented immigrants live in the U.S., and the population is growing by the year. On one hand, the presence of countless immigrants is powerful evidence of the appeal of America. On the other hand, it is a hint of how dangerously open our borders are. Typical illegal immigrants come to America, mainly for improved jobs, all the while adds value to the U.S. economy.
With little trade, people made and grew what they needed causing them to become more self-sufficient. In America the Transportation Revolution had a massive effect on the country. A commercial economy was in much of the US. Transportation revolution but mostly in the North. It increased purchases of goods which were produced in many factories and workshops bringing up the market revolution.
Between the year of 1865 and the year of 1920, the United States moved towards becoming a more industrialized and developing society. With this change taking place, resulted in improvement with how people live with family and earned money differently. The three major aspects of industrialization during the 1865 and 1920 that influenced the politics, economy and society of the United States are: entrepreneurship, technology, as well as transport and communication network. Entrepreneurship: the period after the Civil War from 1865 to 1920 was characterized by fast economic growth in the country. During this time period, real per capita product in the United Stated more than doubled and real Gross Domestic Product multiplied by over 7 times (Lamoreaux, 2010).