Question

Explain the role of industry in economics development.

Answer 1

Industrialization plays a vital role in the economic development of underdeveloped countries. As the historical record shows, the developed countries of the world broke the vicious cycle of poverty by industrializing, rather than focusing on agricultural or the production of national resources.

Industry plays a complex role in economic development, but these are some of its most important effects.

1. Increase in National Income

2. Higher Standard of Living

3. Economic Stability

4. Improvement in Balance of Payments

5. Stimulated Progress in Other Sectors

6. Increased Employment Opportunities

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