Development New Industries
Definition
The process of creating and expanding new sectors in the economy that produce goods or services, often through technological innovation.
Analogy
Think of it like a video game where you start with just one type of resource or skill. As you progress, you unlock new skills and resources that allow you to do more things and face bigger challenges. In the same way, as an economy develops, it creates new industries that offer different kinds of products and services.
Related terms
Industrialization: The transformation from an agricultural society to one based on industry.
Innovation: The creation of better or more effective products, processes, technologies, or ideas.
Economic Growth: An increase in the production of goods and services over a specific period.
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