Learn Before
The widespread adoption of online video streaming services led to the closure of most physical video rental stores, causing job losses for retail staff. Simultaneously, this shift spurred the growth of new jobs in digital content creation, platform management, and data analytics. Which economic principle does this scenario best illustrate?
0
1
Tags
Economics
Economy
Introduction to Macroeconomics Course
Ch.1 The supply side of the macroeconomy: Unemployment and real wages - The Economy 2.0 Macroeconomics @ CORE Econ
The Economy 2.0 Macroeconomics @ CORE Econ
CORE Econ
Social Science
Empirical Science
Science
Analysis in Bloom's Taxonomy
Cognitive Psychology
Psychology
Related
Rob Grey
Explaining Stagnant Wages Amidst Production Growth
The widespread adoption of online video streaming services led to the closure of most physical video rental stores, causing job losses for retail staff. Simultaneously, this shift spurred the growth of new jobs in digital content creation, platform management, and data analytics. Which economic principle does this scenario best illustrate?
The primary long-term effect of technological advancement on the labor market is a net reduction in the total number of available jobs due to automation.
Technological Impact on a Manufacturing Firm
The Paradox of Technological Progress in Labor Markets