Final answer:
Changes in the population age structure, with fewer children and more older adults, are known as demographic transition, which illustrates a society's development and shifting population dynamics.
Step-by-step explanation:
The changes in the age makeup of the population with a decrease in the proportion of children and an increase in older adults are referred to as demographic transition. This term reflects shifts in a society's population structure, often from high birth and death rates to lower rates as a country develops economically and socially. For instance, the U.S. population has seen a significant aging trend with the proportion of seniors tripling over the past century while the proportion of children has decreased. The historical data, like in Figure A6, shows this transition, with an increasing share of the population being categorized in the 65 and older age group, which is represented by the orange tier in the graph that increases in size over time. Demographic transition impacts various facets of society, including labor markets, healthcare, and social security systems.