An economy where the workforce involved in Design, Development, Technology, Marketing, Sales and Services is known as:
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → Knowledge economy
Option (1) Knowledge economy — Correct. A knowledge economy is one in which much of the workforce is involved not in the physical production or distribution of material goods, but in their design, development, technology, marketing, sale and servicing. It goes with the weightless economy, whose products have their base in information, such as computer software, media and entertainment products and internet-based services.
NCERT (2025-26): “d. The Weightless Economy or Knowledge Economy … In contrast to previous eras, the global economy is no longer primarily agricultural or industrial in its basis. The weightless economy is one in which products have their base in information, as in the case with computer software, media and entertainment products and internet-based services. A knowledge economy is one in which much of the workforce is involved not in the physical production or distribution of material goods, but in their design, development, technology, marketing, sale and servicing.…” |