Definition, Meaning & Synonyms
industrial-economy
noun
/ɪnˈdʌs.tri.əl ɪˈkɒn.ə.mi/
Definition
An economic system that is characterized by the manufacture of goods and services through industrial processes.
Examples
- The industrial economy of the 19th century was marked by the rise of factories.
- Countries with a strong industrial economy often have higher standards of living.
- Transitioning from an agricultural economy to an industrial economy can lead to significant changes in a nation’s structure.
Meaning
The term ‘industrial economy’ refers to an economy that predominantly relies on the production of goods and services within industries, as opposed to agriculture or services. This type of economy typically features large-scale production, technological advancements, and labor specialization.
Synonyms
- Manufacturing economy
- Production economy
- Factory-based economy
