Describe ONE difference between the level of industrialization typically seen in more developed countries and the level seen in
2 answers:
Industrialized countries have a greater capacity to produce goods and services than other countries.
Industrialization is a term that refers to the production of goods and services. Industrialization is related to the development of new technologies and machines to optimize production processes.
According to the above, more developed countries have a greater capacity to produce goods and services, such as the United States, Russia, Japan, and China, because much of its economy is based on the production of services and goods. On the other hand, less developed countries (also known as developing or underdeveloped countries) do not yet have a high capacity to produce goods and services. On the contrary, their economies are based on other fields such as agriculture or resource extraction.
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Answer:
Explanation:
if truly rate of actual unemployment is lower compared to the natural unemployment, it implies that the economy is making a greater effort for higher output level than its potential output.
Lower unemployment than natural rate of unemployment will reflect as lower availability of workers in the economy ,so unions and workers start demanding more wages ,which leads to increase in production cost of firms . Increase in production cost ,leads to decrease in firms supply and short run aggregate supply curve shifts lefttwards and SRAS keep shift to left till economy reach to full employment or potential GDP.As GDP Decreases no of workers Decreases and employment Decreases.
Conclusion: Short run aggregate supply Decreases and employment Decreases.
