ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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developed an economy based on international trade and advancements in manufacturing
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declined in development because of the impacts of globalization
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few advancements in technology, but increase investments by multinational corporations
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benefits from outsourcing from multinational corporations
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Detailed explanation-1: -Based on the shift among economies from agricultural development to more industrial pursuits and recent improvements in average standards of living, economies that experts typically include as NICs are China (specifically Hong Kong), India, Singapore, Taiwan, and Turkey.
Detailed explanation-2: -Countries that can be Categorized as NICs However, many experts deem the following countries as NICs: Thailand, Mexico, South Africa, Brazil, Singapore, Turkey, Taiwan, India, and Hong Kong.
Detailed explanation-3: -In the early 1970s, Singapore reached full employment and joined the ranks of Hong Kong SAR, Republic of Korea, and Taiwan a decade later as Asia’s newly industrializing economies. The manufacturing and services sectors remain the twin pillars of Singapore’s high value-added economy.
Detailed explanation-4: -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.