The Fourth Industrial Revolution & What Were Those Other Two? | Economics Explained

What is the main reason economists are excited about potential future shifts in industrial revolutions?

• They hope it will result in the end of technological advancements.

• They think it will eliminate all economic disparities.

• They expect it to bring about significant changes in how we live and work.

• They believe it will lead to a decrease in global population.

How do some economists define an industrial revolution?

• As a cultural movement.

• As a minor technological improvement.

• As a systematic shift in technology that changes business across all industries.

• As a temporary economic downturn.

What was a key innovation of the first industrial revolution?

• Electricity

• Steam power

• Nuclear energy

• The internet

Which process made steel production easier and cheaper during the second industrial revolution?

• The Solvay process

• The Bessemer process

• The Haber process

• The Hall-Héroult process

What was a major impact of the third industrial revolution?

• The invention of the printing press

• The widespread use of computers

• The rise of steam engines

• The decline of global trade

How did computers change the way we work during the third industrial revolution?

• They enabled more efficient handling of large pools of information.

• They eliminated the need for any human workers.

• They allowed for the automation of all jobs.

• They made manual labor more prevalent.

What is a potential technology associated with the fourth industrial revolution?

• The printing press

• Artificial intelligence

• Steam engines

• The telegraph

Why might some economists advocate for categorizing industrial revolutions into subcategories?

• To highlight the continuous nature of technological advancements.

• To focus solely on economic impacts.

• To reduce the perceived importance of each revolution.

• To simplify the historical timeline.

What is a common theme among the developments expected in the fourth industrial revolution?

• They are all based on outdated technologies.

• They are expected to have minimal impact on industries.

• They have the potential to radically change the world across all industries.

• They are primarily focused on entertainment.

What is the general outlook of economists regarding future economic growth?

• They believe growth will stagnate permanently.

• They are optimistic about continued prosperity.

• They think growth will only occur in developing countries.

• They are pessimistic about any future growth.