Question

How did factory owners benefit from industrialization?

Answer 1

Hint: The period of social and economic transition that turns a human group from an agrarian society into an industrial society is industrialisation. This requires a systematic re-organization of an economy for the purpose of development.

Complete answer:
The Industrial Revolution started in the \[{18^{th}}\] century in the United Kingdom and later spread to many other areas of the world, after which the agrarian and handicraft societies changed gradually to industrial and machine-manufacturing-dominated ones. Not only did this economic change alter how work was done and commodities were produced, but it also altered how individuals responded to each other as well as to the world at large. Today, this wholesale shift in social organisation persists and has created many impacts that have rippled through the global, ecological, and cultural realms of the World.
Sweeping changes in economic and social organisation were brought on by the Industrial Revolution. A broader spread of capital and expanded foreign trade were included in these reforms. Managerial hierarchies have since been formed to control the labour division. By the late \[1700s\], many people in the countryside could no longer make a living. After the Industrial revolution people have gradually migrated from farms and villages to larger cities and towns to find jobs in factories. The cities became bigger, but sometimes they were dusty, crowded, and dangerous. Machines have improved manufacturing dramatically. It meant that goods were cheaper to produce and cheaper to purchase as well.
Because of the Industrial Revolution, more factories were being established in the North, and people flocked to these areas for better work opportunities. Therefore, people who owned factories had more jobs, and they made more money. Many inventions were made and factories were established and attempted to manufacture them on a mass basis.

Note: Some innovations made it possible to manufacture items and, as a result, manufacturers might make a lot of goods with a lot of staff, which eventually gave profits to factory owners.