Certain industries of the U. S. economy, such as farming and heavy equipment manufacturing, have experienced a significant decline in employment. Which of the following best explains this job loss?

Question

Jairo Randolph

Business

23 February, 11:00

Certain industries of the U. S. economy, such as farming and heavy equipment manufacturing, have experienced a significant decline in employment. Which of the following best explains this job loss?

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Answers (1)

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Brandon Brennan · Answer 1

B. Workers lost these jobs because technological advances increased productivity.

Explanation:

The employees lost employment due to the increased efficiency of technological progress. By improving the productivity of manufacturing drivers, technological advancement expands an economic limit on the possibility of production, allowing equivalent output to be manufactured with fewer resources or more output to be manufactured with the same quantity of resources. For example a machine component that takes 5 men to lift and 10 to assemble in 5 minutes just takes a single machine that doesn't receive wages apart from lubricant a minute to lift and assemble perfectly. Definitely machines are replacing humans to increase efficiency and productivity. Only few humans are employed to supervise and monitor.