Chapter 6R, Problem 3CTQ

a.

To determine

The job that would increase the demand for workers in existing industries.

Explanation of Solution

Information n technology is one of the advanced technology where information is available in abundance but analysis of the information is required to be done. This will increase the demand for skilled labor to ensure growth in existing industries. IT is required in every field of life.

Economics Concept Introduction

Technological advancement: Technological advancement refers to the situation where there is an up gradation in the technologies and applied sciences so that it becomes very efficient to complete any task.

b.

To determine

The technology that would decrease the demand for workers in existing industries.

Explanation of Solution

Artificial intelligence will reduce the demand for humans or workers as the company will be dependent on technology for performing analytical tasks. This will reduce the demand for labor.

Economics Concept Introduction

Technological advancement: Technological advancement refers to the situation where there is an up gradation in the technologies and applied sciences so that it becomes very efficient to complete any task.

c.

To determine

The technology that can create new industries with a large number of employees.

Explanation of Solution

Virtual assistance is one of the technologies that can create a new industry that provides technical assistance to companies that possess less information. This will require skilled talent to ensure effective virtual assistance.

Economics Concept Introduction

Technological advancement: Technological advancement refers to the situation where there is an up gradation in the technologies and applied sciences so that it becomes very efficient to complete any task.