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HomeHomework HelpeconomicsStructural Transformation

Structural Transformation

Structural transformation in emerging economies refers to the process by which these economies transition from a reliance on agriculture and primary industries to a more diversified economic structure that includes manufacturing and services, often accompanied by changes in labor dynamics, productivity, and technological advancement. This transformation is essential for fostering sustainable economic growth and improving living standards.

intermediate
3 hours
Economics
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Overview

Structural transformation is a critical process for emerging economies, marking their transition from agriculture to more diverse economic activities. This shift not only enhances productivity but also changes the labor market dynamics, leading to urbanization and new employment opportunities. Howev...

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Key Terms

Structural Transformation
A shift in the economic structure of a country.

Example: A country moving from agriculture to manufacturing.

Industrialization
The process of developing industries in a country.

Example: The rise of factories in urban areas.

Urbanization
The movement of people from rural to urban areas.

Example: Increased population in cities due to job opportunities.

GDP
Gross Domestic Product, a measure of economic activity.

Example: A rising GDP indicates economic growth.

Labor Market
The supply and demand for labor in an economy.

Example: Changes in labor demand due to industrial growth.

Economic Growth
An increase in the production of goods and services.

Example: A country experiencing a 5% annual growth rate.

Related Topics

Economic Development
Study of how economies grow and improve living standards.
intermediate
Globalization
The process of increased interconnectedness among countries.
intermediate
Labor Economics
The study of labor markets and employment dynamics.
advanced

Key Concepts

Economic GrowthIndustrializationUrbanizationLabor Market Changes