Industrialization revolutionized our world for the better and it has done so much for our world. That is why industrialization has had a positive effect on our world and is beneficial to our society. The first reason that industrialization has had a positive effect is because it has created far more jobs. According to Moshe Y. Vardi it made it easier for working class to find jobs than in years prior due to factories needing so many different spots to be filled. Also, if there are more jobs given to people that means that the economy gets boosted, which is very good for the world in the grand scheme of things.
Lastly demand conditions look at customer need and demand which must be produced by companies will have to produce innovative, high quality products early, this way competitive advantage will be met. Related and supporting industries, if suppliers industries exist in the country that are themselves internationally competitive, this can result in competitive advantage in the new industry, firm strategy, structure. Different nations have different management rule and regulations, which can either destroy or build its competitive advantage. If there is a solid internal competition, in this way it creates improved efficiency, making industries better international
INTRODUCTION Economic growth is vital in every developing country in order to increase sustainable living standards. There are also challenges that come with harnessing the potential of economic growth. It is important because it enables increased living standards and reduces poverty and unemployment, solving various other social problems. Economic growth is the increase in real Gross Domestic Product (GDP) which also means an increase in the value of national expenditure. According to The Singapore Government Securities (SGS), Singapore has experienced a rapid economic development since Independence in 1965.
Technology advancement means that there are only less or lower cost inputs are required to produce goods and services. If the production cost is low, the profits at a given price will increase, so the producer will start to produce more to get more revenue. As the production of the economy increases, the supply curve shift to the right, which means that the supply increases and the price will fall (Boundless, 2016a). Therefore, the concept of improved technology shifts the PPF outward can drives the economy towards a higher level of productivity, thereby increasing economic growth and living
Another concept of the model would be demand conditions which refers to aspects such as the home demand and the size, growth and complexity of the market. This suggests the higher the demand for the company, the easier it is for them to use that demand to grow the business and invest in new and innovative products. Also, if there is high demand in the home country of the company, then it is able to work at an advantage especially when it competes
Specifically, a growth in the working-age population would lead to an increase in per capita economic growth by necessitating more investment in capital equipment and by the fact that more workers (assuming that increases in the labor force would be absorbed by higher levels of employment) would be sharing their wages with fewer dependents. These temporary effects are thought to have played a significant role in the rapid growth in East and Southeast Asia (Bloom and Williamson
Increased tax revenues allow the government in India to spend more on public services, such as infrastructure, education, healthcare and social welfare. Intentionally, resulting in superior public services. Moreover, the government in India can spend the money on protecting the environment. The higher real GDP of India enables a society to contribute more resources to encouraging recycling, reuse and the use of renewable resources. Nonetheless, India’s economic growth enhanced business confidence.
Therefore, their productive capacity will increase as they are able to produce more goods and services. The second importance is more cash in circular flow. As firms buy more capital goods, they inject more cash into the circular flow. Other than that, positive net investment spurs economic growth. As firms invest more in capital goods, gross private domestic investment increases, GDP