Final answer:
A group of individuals born in the same period of time is called a cohort. Cohorts are characterized by shared demographic traits like birth period, with Millennials being a notable example. Understanding cohorts is crucial for planning for societal and economic challenges.
Step-by-step explanation:
A group of individuals born in the same period of time is called a cohort. A cohort is essentially a group of people who share a statistical or demographic trait. For example, individuals born between 1980-2000 are commonly referred to as Millennials, which is not merely a group, but a category, because while they share the demographic characteristic of being born within that time frame, they do not necessarily interact with each other on a regular basis.
When looking at a cohort, it's important to note that these individuals might influence and be influenced by certain social and cultural factors. Governments and different societal structures pay attention to cohort data to plan for future social and economic challenges, as it can give valuable insights into the population's age composition.