ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -One example of such a fast-forward structural change is the shift from agriculture to manufacturing to services. Another example is the demographic transition from youthful to older populations. Both the decline in fertility and the increase in life expectancy have been notable in their speed.

Detailed explanation-2: -Understanding Structural Change For example, the advent of the smartphone was a huge change for both businesses and consumers as products, such as flashlights and cameras, saw demand wane as their functionality was readily available to everyone as part of a compact device whose primary use was something else.

Detailed explanation-3: -For example, employees who produce a specialty clothing product that suddenly is no longer a trend might lose their position producing this specific product, causing structural unemployment.

Detailed explanation-4: -Defines structural transformation as a distinctive feature of economic growth that occurs when a sustained period of rising income and living standards coincides with changes in the distribution of economic activity across three broad sectors of an economy-agriculture, industry, and services.