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According to demographic transition theory, societies that embraced industrialization were able to reduce overall birth and death rates. The primary reason behind this reduction was
Import Substitution
An economic strategy aimed at reducing dependency on foreign imports through the local production of industrialized products.
Comparative Advantage
Comparative advantage is the ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than its competitors.
Economic Growth
A rise in the output of products and services within an economy over a certain duration, typically assessed through the Gross Domestic Product (GDP).
Free Trade
The absence of tariffs, quotas, or other governmental restrictions on international trade, allowing goods and services to move freely across borders.
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