Industrialization andTrade

• Industrialization


  The process of developing industry on a large scale
• History of Industrialization


  Read the article given below and answer in the chat box; verbal participation will be appreciated.
• The Industrial Revolution began in the 18th century and led to major social, economic, and cultural changes.
• Primary industry


  Industry concerned with extracting natural resources and converting them into consumable products
• Secondary industry


  Industry that takes raw materials as input and creates finished products as output
• Service sector


  Part of a country's economy concerned with the provision of services
• How industrial development can boost the economy of the country?

  Verbal participation will be appreciated, otherwise written answers (in the chat box) are also acceptable.
• Impact of Industrialization


  • On Pakistan's economy
  • On Pakistan's landscape
  • On the people of Pakistan
• Industrialization led to profitable foreign exchange, creation of power machinery and factories, increased quality of goods, improvements in balance of payments, and large contribution to Gross National Product.
• Industrialization led to overpopulation in limited areas, infrastructure maintenance issues, destruction of natural beauty, communication and moving around difficulties, scarcity of water, and increased use of pesticides and industrial waste.
• Industrialization led to new job opportunities, overcrowding in cities, health problems due to increased pollution, increased standard of living, and reduced human effort due to machinery.
• Favorable balance of trade

  When a country exports more than it imports
• Unfavorable balance of trade

  When a country imports more than it exports
• Trade deficits can facilitate economic colonization, where foreign investors acquire capital and assets in the country.
• Factors that can influence a country's balance of trade include exchange rates, domestic and foreign demand, government policies, and global economic conditions.
• Large contribution to Gross National Product (GNP)

  The significant impact that industrialization has on a country's GNP, which is the total value of all goods and services produced within a country's borders in a given period.
• Improvements in balance of payments

  The positive balance of payments that results from exporting more goods than importing, improving a country's financial position.
• Increased quality of goods

  The higher quality of goods produced during the industrialization period due to improved production processes and machinery.
• Creation of power machinery and factories

  The development of new technologies and machinery that enabled mass production of goods in factories, increasing efficiency and productivity.
• Profitable foreign exchange

  The surplus of foreign currency that results from industrialization, allowing a country to purchase goods and services from other countries.
• Trade deficit

  Occurs when a country imports more goods and services than it exports to other countries
• Economic colonization

  A situation where foreign investors acquire capital and assets in a country, potentially leading to a loss of economic independence and control
• Financing a trade deficit

  Requires borrowing money from foreign investors, which can result in a significant amount of foreign ownership of the country's assets and capital over time
• Impact of a trade deficit

  Depends on a variety of factors, including the country's level of economic development, its political stability, and the actions of its government and central bank
• Economic independence

  The ability of a country to control its own economy and make decisions based on its own interests and priorities
• Foreign capital

  Money borrowed from foreign investors to finance a trade deficit
• Brain drain

  The loss of skilled workers from a country due to foreign ownership of industries and businesses
• Cultural homogenization

  The imposition of foreign cultural values and practices on a country due to foreign ownership of industries and businesses
• Responsible and sustainable investment

  Policies that promote investment that benefits the country's economy and people, while also protecting critical infrastructure and strategic industries from foreign ownership
• Profitable foreign exchange

  The influx of foreign currency that countries experienced as a result of industrialization, which allowed them to purchase additional resources or pay off debts.
• Creation of power machinery and factories

  The development of new technologies and machinery that allowed for the creation of factories, which were able to produce goods on a much larger scale than was previously possible.
• Increased quality of goods

  The higher quality of goods produced during the industrialization period as a result of the use of machinery and improved production methods.
• Improvements in balance of payments

  The positive balance that resulted from the value of exports exceeding the value of imports as a result of industrialization.
• Large contribution to Gross National Product (GNP)

  The significant impact on the overall economy of countries as a result of industrialization, which led to a large increase in the production of goods and services.
• Industrialization

  The process of social and economic change that transforms a human group from an agrarian society into an industrial society, involving the extensive re-organization of an economy for the purpose of manufacturing.