Economy studies how goods are produced, exchanged, distributed, and consumed, and how it has evolved with societal changes over centuries. The industrial revolution brought advantages like increased production but also disadvantages. The postindustrial society saw a shift from manual labor to literacy-based work and a more decentralized workforce. After World War 2, countries moved away from protectionism towards a global economy, though globalization and new technologies have led to job losses and other structural economic changes.
2. ECONOMY AS SOCIETIES
Economy is a science that studies human
behavior and decisions about how goods
are produced, exchanged, distributed, and
consumed.
Since society has been
changing through
centuries, economy has
been evolving too.
5. Postindustrial Society
- It was a shift from
hands-on-skills work to
literacy work
- Decentralization of
workforce
6. Global Economy
After World War II the international community
set out the end of protectionism.
While many countries were poor others could
grow at very high rates.