Question

"The industries have undergone significant changes due to advancement in technology and shifts in consumer preferences." Justify the statement.

Answer 1

Industries have experienced major transformations due to the following reasons:
1. Technological Advancements: Industries have adopted automation, robotics, and Artificial Intelligence (AI) to improve production efficiency and reduce costs. For example, automation in car manufacturing.
2. Innovation in Products: Technology has enabled the creation of new products, such as electric vehicles and digital gadgets, which cater to changing consumer preferences.
3. Consumer Preferences: Increasing awareness of eco-friendly products has led industries to produce green technology like solar energy products.
4. Globalization: Industries have shifted towards global standards in production and distribution, introducing competition and innovation.