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Transformation in economics refers to a long-term change in dominant economic activity in terms of prevailing relative engagement or employment of able individuals. Human economic systems undergo a number of deviations and departures from the "normal" state, trend or development.
Industrialisation also means the mechanisation of traditionally manual economic sectors such as agriculture. Factories, refineries, mines, and agribusiness are all elements of industrialisation. Industrialisation ( UK ) or industrialization ( US ) is the period of social and economic change that transforms a human group from an agrarian society ...
Economic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions.
The economic history of the world encompasses the development of human economic activity throughout time. It has been estimated that throughout prehistory, the world average GDP per capita was about $158 per annum (inflation adjusted for 2013), and did not rise much until the Industrial Revolution .
Changes, mostly seen as advances, in all areas of human activity—politics, industry, society, economics, commerce, transport, communication, mechanization, automation, science, medicine, technology, religion, the arts, and other aspects of culture—appear to have transformed an Old World into the Modern or New World. In each case, the ...
Economic factors One area that has a big influence on stock prices is data related to the overall economy. Whether the economy is growing faster than expected or slower can send stocks higher or ...
A team of researchers from Mainland China and Hong Kong were able to establish a causal connection between climate change and large-scale human crises in pre-industrial times. Short-term crises may be caused by social problems, but climate change was the ultimate cause of major crises, starting with economic depressions. [30]
A contemporary example of technological unemployment is the displacement of retail cashiers by self-service tills and cashierless stores. That technological change can cause short-term job losses is widely accepted. The view that it can lead to lasting increases in unemployment has long been controversial.