Final answer:
The statement that products and services today have longer life cycles than those in the past is false due to planned obsolescence and rapid technological advances. Though there is a growing trend towards more durable and repairable items, the market still tends to favor shorter product life cycles.
Step-by-step explanation:
The statement that products and services today have longer life cycles than products did in the past is generally considered false. The concept of planned obsolescence indicates that manufacturers design products with shorter life spans to stimulate continuous demand. This contributes to a cycle of consumption, where newer models are released frequently, leading consumers to replace products more often than they would if products were made to last longer. Additionally, the pace of technological innovation can render products obsolete more quickly, as new features and improvements are constantly being developed and introduced to the market.
Meanwhile, a contrasting trend that could be evoked is the growing awareness of environmental impacts and the increasing popularity of durable goods and repairable products. Some manufacturers are beginning to realize the value in creating products that are designed to facilitate upgrades or repairs, which can potentially extend a product's life cycle. However, the overall economic and market forces continue to favor shorter life cycles.