What is the process of an economy’s increasing industrialization, standard of living, and economic wealth?

This process is typically known as modernization or development. This is the process in which an economy becomes advanced. One of the main benchmarks of development is how productive the economy is (how much output is produced per unit of labor, capital, or natural resources). A productive economy means higher income for its workers, since their labor is more productive, which in turn means higher standards of living and economic wealth. 

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