ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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developed economy
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transitioning economy
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developing economy
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None of the above
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Detailed explanation-1: -Examples of countries with developed economies include the United States, Canada, and most of western Europe, including the United Kingdom and France.
Detailed explanation-2: -Industrialization is the process by which an economy moves from primarily agrarian production to mass-produced and technologically advanced goods and services. This phase is characterized by exponential leaps in productivity, shifts from rural to urban labor, and increased standards of living.
Detailed explanation-3: -Industrialization is a transformation away from an agricultural-or resource-based economy, toward an economy based on mechanized manufacturing.
Detailed explanation-4: -Industrialization provides increased employment opportunities in small-and large-scale industries. In an industrial economy, industry absorbs underemployed and unemployed workers from the agricultural sector, thereby increasing the income of the community.