Answer to Question #127280 in Microeconomics for ibrar

Question

In what ways is your standard of living different from that of your parents or
grandparents when they were your age? Why have these changes occurred?
Explain

Answer 1

A significant difference existed between my parents or grandparents standards of living when they were my age and me in the current society. Amy changes have occurred in between the periods, especially the use of technology. Technology had not been utilized in all sectors of life, as it is happening in the current era. Currently, with the help of technology, I can study online, work online, procure and receive products while at home through online platforms, and many other innovations, which were not available during the time of my parents or grandparents. Globalization has brought various changes in society, which was not available at the time. Globalization has brought various changes, including technology and other ways of life, which were not available in the previous years.