Question
All industrialized countries have become “service economies.” Which factor helps explain this shift?
a. The decline in the number of workers possessing the required skills for industrial production
b. Trade unionism and failure of the manufacturing sector to grow
c. Information age and laborsaving innovation in manufacturing
d. The lack of competition in the service sector
a. The decline in the number of workers possessing the required skills for industrial production
b. Trade unionism and failure of the manufacturing sector to grow
c. Information age and laborsaving innovation in manufacturing
d. The lack of competition in the service sector
Ask by Hodgson Wang. in the United States
Mar 20,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
The shift to service economies in industrialized countries is mainly due to advancements in information technology that have made manufacturing more efficient, reducing the need for as many workers in that sector.
Solution
- In industrialized countries, the manufacturing sector has seen significant improvements through innovations that reduce the number of workers needed.
- This laborsaving innovation is largely a result of advances in information technology.
- Consequently, fewer workers are engaged in manufacturing, while a larger share of the workforce serves in the service sector.
- Therefore, the factor that helps explain the shift to service economies is:
.
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The rise of the information age has revolutionized our economy, making knowledge and services the new currency of growth. With technology’s rapid evolution, businesses are leveraging laborsaving innovations that streamline production processes while rendering traditional manufacturing less reliant on manual labor. As a result, the economy shifts towards services that involve problem-solving, creativity, and digital expertise.
Moreover, this transformation is reflected in the job market where demand for tech-savvy professionals continually increases. In many service-oriented roles such as IT support, marketing, and finance, employers seek employees equipped with advanced skills to adapt to changing technologies. This trend illustrates that skills development is key as we navigate this brave new service economy!
