The relative decline in goods production compared to services produced means that we're producing fewer goods than in earlier decades.

Question

Quizplus · Accepted Answer

The relative decline in goods production compared to services means that the economy is shifting more towards services in terms of value or percentage of GDP, not necessarily that fewer goods are being produced. Advances in technology and productivity can lead to more goods being produced even as the economy becomes more service-oriented.

The Relative Decline in Goods Production Compared to Services Produced