What significant development began around 1750 in England, involving large-scale production and specialization of labor?

Study for the UofT MGT100 Fundamentals of Management Exam. Practice with quizzes and detailed study materials to excel. Prepare with clear explanations and valuable tips to ace your exam!

The Industrial Revolution commenced around 1750 in England and represents a crucial turning point in history characterized by extensive transformations in manufacturing processes. This period marked the shift from agrarian economies based predominantly on manual labor to industrial economies featuring mechanized production.

During this time, there was an introduction of innovative technologies, such as the steam engine and mechanized loom, which facilitated large-scale production. This revolution brought about the specialization of labor, where workers began to focus on specific tasks rather than engaging in the entire production process. This increased efficiency and output tremendously, revolutionizing industries such as textiles, iron, and coal mining.

Understanding the Industrial Revolution is essential as it laid the foundation for modern economic systems and the dynamics of labor, technology, and productivity that we still observe today. The other options, while significant in their own right, relate to different historical contexts: the Age of Industrial Entrepreneurs is tied to the later stages of the Industrial Revolution, the Digital Revolution pertains to the rise of computers and information technology in the late 20th century, and the Information Age describes a narrower timeframe characterized by the widespread use of the internet and digital information.

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