Question

Reduction in economic regulation (deregulation), changes in consumer behavior through increased customization, changes in family roles, and rising customer expectations. Technological advances, advances in retailing (omnichannel and big-box), and globalization of trade.

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Answer 1

Recent decades have seen significant shifts in market dynamics due to economic deregulation, technological advances, and globalization of trade, which have impacted competition and consumer interaction.

Step-by-step explanation:

The question addresses economic deregulation, technological advances, consumer behavior changes, family role changes, rising customer expectations, advances in retailing such as omnichannel and big-box stores, and the globalization of trade.

These changes are indeed characteristic of modern economic dynamics. Economic deregulation, which began in the late 1970s and continued into the 1990s, involved reducing government restrictions on market entry, pricing, and production levels in various industries, including telecommunications, airlines, trucking, banking, and electricity.

Technological advances, particularly in communications technologies and the internet, have allowed consumers to interact with suppliers globally, increasing competition for local businesses. The globalization of trade further intensifies this competition, as consumers can access a worldwide marketplace.