What is industrialization in simple words?

What is industrialization in simple words?

Industrialization is the process by which an economy is transformed from a primarily agricultural one to one based on the manufacturing of goods. Individual manual labor is often replaced by mechanized mass production, and craftsmen are replaced by assembly lines.

How does Industrialisation lead to economic development?

Industrialisation means a country can produce a wider range of higher value goods – both for sale at home and for export abroad…. Industrialisation encourages the emergence of other businesses to meet the needs of factories – coal mining to provide power for example.

What is an example for industrialization?

Industrialization is defined as the process of introducing manufacturing activity. An example of industrialization is turning a forest into an auto plant. A process of social and economic change whereby a human society is transformed from a pre-industrial to an industrial state.

What part does industrialization play in economic development?

Industrialization has been instrumental in the economic development of the world. The process has improved productivity and allowed for mass production, which has increased standards of living.

What is industrialization kid friendly?

Industrialisation (or industrialization) is a process that happens in countries when they start to use machines to do work that was once done by people. Industrialisation caused towns to grow larger. Many people left farming to take higher paid jobs in factories in towns.

What is the definition for industrialism?

: social organization in which industries and especially large-scale industries are dominant.

How do industries help in economic development?

In large scale industries, the surplus is very high. By using external and internal economies, industry can get higher profit. These profits can be reinvested for expansion and development. So industrialisation helps in capital formation.

Why industrialization is important for the economic growth of an economy?

Industrialization plays a vital role in the economic development of underdeveloped countries. Industrialization allows countries to make optimal use of their scarce resources. It increases the quantity and quality of goods manufactured in that company, which makes a larger contribution to gross national product (GNP).

What are two industrialization examples?

The technological changes included the following: (1) the use of new basic materials, chiefly iron and steel, (2) the use of new energy sources, including both fuels and motive power, such as coal, the steam engine, electricity, petroleum, and the internal-combustion engine, (3) the invention of new machines, such as …

What is the role of industries in economic development?

Main Sector of Economic Development: Industry is viewed as leading sector to economic development. We can have economies of scale by applying advanced technology and division of labour and scientific management. So production and employment will increase rapidly. This will bring economic growth and capital formation.

What is meant by industrialization in economic development?

Introduction. Industrialisation is the period of social and economic change that transforms a human group to an industrial society from an agrarian society, involving the extensive manufacturing reorganisation of an economy.