Describe and distinguish among agricultural, industrial, consumer, and postindustrial economies

Question

Please provide the best answer for the statement.

Answer 1

1. The agricultural economy was based on plowing the land to grow regular and predictable supplies of storable food. The Agricultural Revolution brought surplus, which allowed for the development of trade and division of labor, and gave rise to other social transformations such as permanent settlements among people who were once nomadic.
2. The industrial economy, which became possible through the advent of the steam engine in 1765, was based on factory production using machines. The Industrial Revolution brought many social changes including a major decline in farming, fishing, and forestry work.
3. The consumer economy arose when levels of production and technology became high, and the emphasis shifted from production to consumption. Industries such as advertising, sales, and retail proliferated; and social status was based on accumulating possessions and showing them off.
4. The postindustrial economy describes the current economy, in which industrial employment is slowing and most job growth occurs in the service sector. It is characterized by a rise in knowledge work, increasing globalization, and rootlessness experienced by workers.