Final answer:
Consumer-generated information has proliferated due to advancements in technology and globalization. Social media platforms have revolutionized how we access information and make decisions, impacting everything from product purchases to choosing a university. The internet has facilitated global transactions, increasing competition and consumer options.
Step-by-step explanation:
Two factors that have given rise to consumer-generated information are technology advancements and globalization. The emergence of social media platforms drastically altered how information is shared and utilized for decision-making. These platforms provide immediate access to reviews, opinions, and feedback from other consumers on a global scale.
Furthermore, the interconnectedness of technology and globalization has expanded consumer choices and competition in the marketplace. With the Internet's rapid development, consumers can now order products and services from across the world, making local businesses face more competitors. Additionally, the existence of business-to-business websites has facilitated global connections between buyers and suppliers, intensifying competition and expanding market reach.
The widespread use of social media influences personal choices, from entertainment to academic decisions. For instance, of a university can provide prospective students with valuable insights from current students, alumni, and the institution itself, swaying their decision to attend that university.