Final answer:
The increase in sales in the fastest growing segment is driven by technological advancements that benefit high-skilled labor, globalization that facilitates wider trade, demographic changes, and lifestyle migrations to areas like the Sun Belt.
Step-by-step explanation:
The reason for the increase in sales of the fastest-growing segment can be attributed to multiple factors, including technological advancements, globalization, and demographic changes. The advent of new information and communications technologies has greatly increased productivity, particularly benefiting high-skilled labor such as business managers, consultants, and design professionals. Moreover, globalization has expanded international trade, allowing high-skilled labor to sell their services globally, while foreign trade has led to more competition for lower-skilled workers on an international scale.
Additionally, changing demographic trends, such as the growth of minority populations, particularly Hispanics, and increased life expectancy, influencing the population aged 65 and older, have had an impact. Furthermore, the migration to the Sun Belt for a better climate and lifestyle has led to job creation in recreation, high-tech firms, and tertiary sector industries. Affordable housing and less crowded urban and suburban areas in the Mountain West have contributed to this migration trend.
Consumers benefit from the increased productivity due to technology as they have access to a wider variety of goods at lower prices. This indicates a positive feedback loop where technological advancements and globalization lead to greater opportunities and lower costs for consumers, which, in turn, fuels further growth in the fastest growing segments of the economy.