Question: How Can Industrial Development Be Improved?

Who benefits from industrial development?

Higher economic growth leads to higher tax revenues and this enables the government can spend more on public services, such as health care and education e.t.c.

This can enable higher living standards, such as increased life expectancy, higher rates of literacy and a greater understanding of civic and political issues..

What is the impact of industrial development?

Industrial developments have historically led to periods of economic growth. New technologies make jobs easier, faster and better, which can lead to an increase in a business’ output and an increase in profits. Industrialization in the workforce has many benefits that are more far-reaching as well.

What are the effects of industrial development?

At the same time, new problems linked to industrialisation are emerging, such as rising greenhouse gas emissions, air and water pollution, growing volumes of waste, desertification and chemicals pollution. The more developed a country’s industrial capacity, the greater the potential for economic growth and development.

What are the factors of industrialization?

Terms in this set (5)Natural Resources (coal,lumber)Labor Supply (immigrant)Advanced Transportation (railroads)Labor-Saving Technologies (400,000 patents)Friendly-Government policies (subsidizing the railroads)

What are the 7 factors of industrialization?

Terms in this set (7)Natural resources. Become goods, Raw materials.Capital. needed to pay for the production of goods, Stable currency.Labor supply. Used to make goods, High birth rate.Technology. Better ways to make more and better goods, Electricity = more production power.Consumers. … Transportation. … Government support.

How did industrialization help the economy?

Key Takeaways. Industrialization has been instrumental in the economic development of the world. … Through industrialization, we have seen more goods produced in less time, increased time for recreation and leisure, and an increase in real incomes.

How can areas of development help industrialization?

Industrialization and Economic DevelopmentIncrease in National Income. … Higher Standard of Living. … Economic Stability. … Improvement in Balance of Payments. … Stimulated Progress in Other Sectors. … Increased Employment Opportunities. … Greater Specialization of Labor. … Rise in Agricultural Production.More items…•

What are the 5 factors of industrialization?

They are land, labor, capital, technology and connections. Without a generous supply of these basic elements and the ability to organize them, a people cannot develop into an industrial society.

What are the main causes of industrialization?

Terms in this set (7)Six Causes of Industrialization. Natural Resources. … Natural Resources. Abundance of Forests: Cheap resource for building material. … Growing Population. Population growth will cause an increase of demand. … Improved Transportation. … High Immigration. … New Inventions. … Investment Capital.

What are the factors affecting industrialization?

Factors Influencing Industrial Productivity (Six Factors)(i) Technological Development:(ii) Quality of Human Resources:(iii) Availability of Finance:(iv) Managerial Talent:(v) Government Policy:(vi) Natural Factors:

How did industrialization contribute to economic growth?

Industrialization has historically led to urbanization by creating economic growth and job opportunities that draw people to cities. … These technological hubs draw workers from other areas in the same way factories used to, contributing to urbanization.

Is industrialization necessary for development?

For reducing the increasing pressure of exploding population on our developing economy, rapid industrialization is a must. We can use more capital and technologies.

What do you understand by industrial development?

ENGINEERING MANAGEMENT SERVICES. SYNOPSIS. Industrial Development is the synthesis of contributions from four major factors, namely, Business, Technology, Government and Labour and successful industrial projects can be achieved only through a close co-operation and mutual understanding between these contributors.

Why is industrial development important?

Industrialization generates employment opportunities, provides educational opportunities, encourages advancement and innovation, and better utilizes resources. All of these benefits and more make industrial development extremely valuable to a population and the local economy.

How can economic growth and development be improved?

To increase economic growthLower interest rates – reduce the cost of borrowing and increase consumer spending and investment.Increased real wages – if nominal wages grow above inflation then consumers have more disposable to spend.Higher global growth – leading to increased export spending.More items…•