Answer to Question #263558 in Microeconomics for argho

Question

Suppose you are a first year university student.

a. In what ways is your standard of living different from that of your (i) parents

and (ii) grandparents when they were your age?

b. Why have these changes occurred?

Answer 1

My parents' or grandparents' standard of life when they were my age and mine in today's society were vastly different. Between the periods, there have been many developments, particularly in the utilization of technology. Technology had not been used in many aspects of life to the extent that it is now. I can now study online, work online, purchase and get things through online platforms while at home, and many more advancements that were not available while my parents or grandparents were growing up. Globalization has ushered in a slew of changes in society that were previously unimaginable.Globalization has brought about a variety of changes, including technological advancements and new ways of life that were not previously available.