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17 February, 06:47

Is the process of an economy's increasing industrialization

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  1. 17 February, 08:49
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    Economic development

    Explanation:

    Economic development is the process of an economy increasing industrialization, the standard of living of its citizens and overall economic wealth.

    This process starts to take place when a poor country starts an industrialization process. The second level is called developing economy, since the economy has not been fully industrialized yet, but the standard of living and the economic wealth are improving.

    The third level would be when a country becomes a developed economy, since it has reached full industrialization, its citizens' standard of living is high and the overall economic wealth is also high.
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