Supposedly, traditional industry as industry 1 of which the assumed output is indispensable good (food, clothing) whilst industry 2 is modern industry assumingly producing luxury good (manufacturing product as cell phone, television) where, is implied not to be indispensable good but luxury good. ... For one instance, cell phone usage might be out-of-reach back decades ago in highly developed nations but mobile phones are must-have items. ... One example regarding this area is India being suggested taking advantages of its two legs, one is traditional industry and the other is IT services thro...

• Word Count: 2421
• Approx Pages: 10
• Has Bibliography
• Grade Level: Graduate