Economics Industrialization Questions
The relationship between industrialization and economic growth is that industrialization is a key driver of economic growth. Industrialization refers to the process of transforming an economy from primarily agricultural-based to one that is dominated by manufacturing and industrial activities. This shift leads to increased productivity, technological advancements, and the creation of new industries and job opportunities. As a result, industrialization stimulates economic growth by increasing output, improving living standards, and promoting innovation and development.