Statement 1:The knowledge 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.
Statement 2: A weightless 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.

Both the statements are incorrect.

The correct answer is Option 4: Both the statements are incorrect.

Statement 1:The knowledge 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. Incorrect — This describes weightless economy, not knowledge economy.
Statement 2: A weightless 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. Incorrect — This describes knowledge economy, not weightless economy.

NCERT" 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. It can range from the neighbourhood catering service to large organisations involved in providing a host of services for both professional meets like conferences to family events like weddings."