The price of a popular breakfast cereal increases, ceteris paribus. As a result, demand will _______ and quantity demanded will
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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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