Modern economic production depends on machines and large-scale output {industrialization}|. Industrialization makes cheaper goods and leads to higher population, and so causes more industrialization. Developing-society industrialization separates people into groups that work and groups that are traditional.
Meeting current economic needs responsibly {sustainable development}| can allow future generations to meet their economic needs. Wealth per capita can increase at optimum rate. Wealth is capital, natural resources, knowledge, skill, and organizations, but income includes only goods and services value.
6-Economics-Macroeconomics-Economy-Stages
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Date Modified: 2022.0225