Answering the question, the major change in the U.S economy in the 1990s was a heavier reliance on service.
The 1990s was one of the best periods of the United States; it was a period when America experienced a market boom.
Further Explanation
The economic boom began almost in the quarter of 1991. At that period, there was a significant increase in the productions of the total value of goods and services. The country’s Gross domestic product moved from -1.8% to 3.4%.
The country’s GDP growth from 1991 to 2000 experienced a positive trend and as of 2000, the GDP has risen to 7.7%.
There are lots of factors that highly contributed to the Country’s positive Growth during these periods and the two major are globalization and technology. Globalization and technology influenced the productions of goods and services and both helped the US economy in creating more jobs
Globalization helped the economy in the sense that the trade between the United States and other countries increased and this was made possible by technology.
Numerous inventions came up during this era, and it allows people to work with each other from a long distance.
Some of the things invented in the 1990s include cell phones, email, and fax machines.
LEARN MORE:
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KEYWORDS:
- united states
- economy
- reliance on services
- 1990s
- major change
