Industrialization: Industrialization refers to the process of developing industries on a large scale, usually involving mechanized production methods and the establishment of factories. It often leads to increased urbanization and economic growth.
Market-Oriented Economy: A market-oriented economy is an economic system where decisions about production, distribution, and consumption are primarily based on supply and demand in markets. Prices are determined by competition among businesses rather than being regulated by the government.
Urbanization: Urbanization is the process by which an increasing proportion of a population lives in cities or urban areas. It often occurs as a result of industrialization and economic development.