Impact of demographic changes on the economy from "summary" of Oswaal NCERT One For All for UPSC & State PSC's Indian Economy Classes-9 to 12 (Old & New NCERT Edition) (For 2023 Exam) by Oswaal Editorial Board
Demographic changes play a crucial role in shaping the economy of a country. These changes refer to shifts in the population structure, including factors such as age, gender, education level, and employment status. One of the key impacts of demographic changes on the economy is the effect on the labor force. As the population ages, the labor force may shrink, leading to potential labor shortages and increased competition for skilled workers. This can have implications for productivity, economic growth, and overall competitiveness in the global market. Furthermore, demographic changes can also influence consumer behavior and demand patterns. For example, an aging population may lead to increased demand for healthcare services and products, while a younger population may drive demand for technology and entertainment products. Understanding these shifts in consumer preferences is essential for businesse...
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