ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Industrialization is a transformation away from an agricultural-or resource-based economy, toward an economy based on mechanized manufacturing. Industrialization is usually associated with a greater average income and improved living standards.

Detailed explanation-2: -newly industrialized country (NIC), country whose national economy has transitioned from being primarily based in agriculture to being primarily based in goods-producing industries, such as manufacturing, construction, and mining, during the late 20th and early 21st centuries.

Detailed explanation-3: -There are two widely accepted dimensions of industrialization: a change in the types of predominant labor activity (farming to manufacturing) and the productive level of economic output. This process includes a general tendency for populations to urbanize and for new industries to develop.

Detailed explanation-4: -The category of newly industrialized country (NIC), newly industrialized economy (NIE) or middle income country is a socioeconomic classification applied to several countries around the world by political scientists and economists.