Which of the following was an economic factor that helped support industrialization in England?

• A. Abundant supply of capital for investment in new technologies
• B. Lack of access to international trade markets
• C. Scarcity of natural resources such as coal and iron
• D. Strict government regulations limiting entrepreneurship

Answer: (A)

Verified step by step guidance

1. Step 1: Understand the context of industrialization in England, which refers to the period when England transitioned from agrarian economies to industrial manufacturing, driven by technological innovation and capital investment.
2. Step 2: Identify key economic factors that typically support industrialization, such as availability of capital, access to natural resources, open trade markets, and government policies that encourage entrepreneurship.
3. Step 3: Analyze each option in the problem: 'Abundant supply of capital for investment in new technologies' supports industrialization because capital is needed to fund machinery and factories.
4. Step 4: Recognize that 'Lack of access to international trade markets' would hinder industrialization, as trade allows for resource acquisition and market expansion.
5. Step 5: Note that 'Scarcity of natural resources such as coal and iron' would be a barrier, since these resources are essential inputs for industrial production, and 'Strict government regulations limiting entrepreneurship' would also restrict industrial growth by discouraging innovation and business formation.