If a NIC (newly industrializing country)had the characteristic of increasing the production for the domestic market and export markets with increases in efficiencies and continual differentiation of exports from competition as its focus,the country would be using which of the following factors as a component for growth?

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Quizplus · Accepted Answer

An outward orientation refers to a focus on increasing exports and integrating into the global economy, as well as improving production efficiencies and differentiation of exports. This is a key component of growth in NICs, as it allows them to leverage their lower labor costs and other comparative advantages to increase economic growth through exports. Economic and legal reforms, privatization, entrepreneurship, and factors of production are also important components of growth, but they may not directly relate to this specific characteristic of NICs.

If a NIC (Newly Industrializing Country)had the Characteristic of Increasing