Compare a 40000 income in 1980 to 2010 and analyze the follo

Compare a $40,000 income in 1980 to 2010 and analyze the following questions: What are the differences in the available products? What are the differences in the quality of products? If you made $40,000 in 1980 and in 2010, what would your income status or wealth be in each time period?

Solution

Part A

We know that there a huge difference between the two time periods. In 1980\'s is the tecnological era is just started. Most of the development and innovations are made in the 1980\'s. In the real sence the 1980\'s was made the technology in to modern face. But in 2010, the picture was completly changed. The technology become well advanced. So the technological advancement leads to increase the demand for all the electronic items. Such as, TV, Mobile Phones, Laptops,etc..

Part B

In the two time periods the quality of the product is also changed. But in modern sense, We say that the quality in 1980\'s is better than in 2010. It is because the modern society increased the malpractices at the time of manufacturing.

Part C

The wealth of people in 1980\'s is higher than the wealth of 2010 if we take $40,000 value. In exact means the value of the currency will be decreased. In 1980\'s $40,000 is the biggest amount. But in 2010 $40,000 is the closer amount of poverty level. In 1980,s $1 is equal to $3.27 in 2010.