Industrial development

• Industrialisation 


  to build more factories
• Industrialisation generates employment and higher income
• What is the first step for a country to encourage economic growth?

  Industrialisation, which generates more employment and higher income.
• How does industrialisation affect employment?


  Employment shifts from primary industries (e.g., farming) to secondary industries (e.g., factories), creating higher wages.
• What benefits do higher wages from industrialisation bring?


  Higher wages lead to more taxes for the government, which can be invested in schools, hospitals, roads, and other infrastructure.
• How does industrialisation affect the standard of living?


  It improves the standard of living and helps close the development gap
• What happens as development levels rise due to industrialisation?


  It creates even more investment opportunities, further boosting economic growth.
• How does industrialisation lead to the positive multiplier effect?


  Employment in a factory gives workers higher wages and the government higher taxes. This money can then be invested in schools and hospitals. The standard of living increases and the development gap closes
• example

  China's move away from agriculture to manufacturing made it one of the fastest-growing economies in the world.