economic change

Economic change refers to shifts in how resources, labor, and capital are used within a society, impacting aspects like employment, production, and living standards. These changes can result from technological advancements, policy updates, global trends, or shifts in consumer preferences. For example, adopting new technology may make industries more efficient, while new laws can alter business practices. Economic change can be gradual or sudden and influences overall economic health, job opportunities, and the prices of goods and services. Understanding these changes helps individuals and policymakers adapt and make informed decisions for a stable and prosperous economy.