ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Production method becomes more efficient, increases profit
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Allow consumers to search and compare prices
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Machinery replace labour, causing unemployment
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New technologies create new job opportunities
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Detailed explanation-1: -Technological unemployment is the unemployment that results from the introduction of new technology into the economy. It can be caused by the replacement of workers by machines or the automation of tasks that were once done by workers.
Detailed explanation-2: -Nowadays, all spheres of human activities are covered by digitalization. The development and adaptation of digital technologies may cause structural unemployment in many industries because of massive automation. Thus, in a short time, the supply of labor will not correspond to the demand.
Detailed explanation-3: -Any technological development in the economy in the form of new machinery lowers the demand for labor and therefore raises the unemployment in the economy since capital is replacing the labor at a rapid pace.
Detailed explanation-4: -Structural unemployment is a type of unemployment that can last for many years and can be caused by changes in technology or shifting demographics. Cyclical unemployment is caused by economic downturns or is related to changes in business conditions that affect the demand for workers.