One of the advantages would be that the lower the income tax rate the higher the paycheck for the employee, therefore reducing the need for pay increases.
Many people lose their jobs, local economies suffer due to the lack of finance /income
Many people lose their jobs, local economies suffer due to the lack of finance /income
it depends on which country you are in for it to be either "local" or not
The biggest advantage of tourism is helping economy with income to local businesses.Couple disadvantages are :1. More crime rate2. More spreading of diseases
Advantages to the mining industry in general are that it can add jobs and money to the nearby economy. Some disadvantages are that the work is dangerous, and it is depleting the earthâ??s natural resources.
The advantages of having the import quotas is that it protects the local producers and it helps in the effective regulation of the prices. The disadvantage is that there is no tax income for the government from the customs.
Advantage of importing is that raw materials are brought into the country. Foreign goods may also come at a cheaper price. The disadvantage is that it could lead to erosion of domestic markets. It also leads to a reduction in prices of local goods thus making local industries noncompetitive.
The garments industry offers several advantages, including significant employment opportunities, particularly in developing countries, which can boost local economies. It promotes creativity and innovation through fashion design and production techniques. Additionally, the industry fosters global trade and connectivity, allowing countries to specialize in various aspects of production. Lastly, advancements in technology within the sector can lead to increased efficiency and sustainability practices.
It could be wine industry.
The garment industry plays a crucial role in employment, particularly in developing countries, by providing millions of jobs and supporting local economies. It offers opportunities for unskilled and semi-skilled workers, often empowering women and marginalized groups by enabling them to earn an income and gain financial independence. Additionally, the industry's demand for skilled labor can lead to vocational training and skill development, further enhancing employability. Overall, the garment sector significantly contributes to poverty reduction and economic growth.
Hunging
Industries that process nature's minerals have no 'advantage' per se. These industries do provide economic incentives, however, to themselves -- to make a profit, and to local people employed in the venture -- to earn an income.