Which of the following best describes the market revolution in the context of economics?

• A. The global shift from agricultural economies to service-based economies in the 21st century.
• B. A period in the early 19th century when the United States experienced rapid economic growth due to the expansion of markets, transportation, and industrialization.
• C. A movement in the late 20th century that led to the deregulation of financial markets worldwide.
• D. The transition from a barter system to a monetary system in ancient civilizations.

Answer: (B)

Verified step by step guidance

1. Step 1: Understand the term 'market revolution' in economic history. It refers to a significant transformation in the economy characterized by changes in production, transportation, and market expansion.
2. Step 2: Identify the time period associated with the market revolution. It is historically linked to the early 19th century, particularly in the United States.
3. Step 3: Recognize the key features of the market revolution, including rapid economic growth, expansion of markets, improvements in transportation (like canals and railroads), and the rise of industrialization.
4. Step 4: Compare the given options to these characteristics. The correct description should mention the early 19th century, rapid economic growth, and expansion of markets and industrialization.
5. Step 5: Conclude that the best description is the one that highlights the early 19th century U.S. economic transformation driven by market expansion, transportation improvements, and industrial growth.