The So-Called Third Industrial Revolution Emphasizes

question 69

Short Answer

The so-called third industrial revolution emphasizes
greater productivity in services operations than in manufacturing operations.
a decreasing emphasis on manufacturing in North America and an increasing emphasis on manufacturing in China.
trade deficits in the advanced industrial countries and trade surpluses in developing countries.
new technologies, software, robots, and miniaturization.
movement of industrial facilities away from downtown areas and toward suburban areas.

---

Definitions:

Marginal Cost

The increase or decrease in the total cost that arises when the quantity produced is incremented by one unit.

Labor Force

The total number of people who are currently employed or actively seeking employment within an economy.

Opportunity Cost

Represents the value of the best alternative that is foregone when a decision is made to pursue a certain action.

Household Income

The combined gross income of all members of a household, which can include wages, salaries, pensions, government benefits, and any other income.