Question

All industrialized countries have become "service economies." Which factor helps explain this shift? Group of answer choices Information age and labor saving innovation in manufacturing. Trade unionism and failure of the manufacturing sector to grow. Non availability of industrial labor with required skills. Absence of competition in the service sector.

Answer 1

Information Age and labor saving innovation in manufacturing.

Step-by-step explanation:

The Service economy can be defined as the economy which centers at giving the service than producing goods. A country that provides a service economy is able to earn more from the service sector than other sectors such as manufacturers.

The investment in the service economy is cheaper than other sectors and is comprised of freelancers and entrepreneurs such as doctors, lawyers, professors, etc.

The factor that has led to this shift in countries to a service economy is because of the increase in demand for services in education and Information Technology. And also because of the labor-saving innovations.

Thus the correct answer is the first option.