Question

Study the following passage and answer the questions below it:

On-Demand Economy:

On-demand economy is defined as the economic activity created by digital market places and technology companies to fulfill consumer demand via immediate access to goods and services. The on-demand economy is also sometimes referred as the “access economy” because these companies provide outlets to the wholesalers, retailers and also consumers, the facilities of goods and services. With consumers behaviour changing to prioritize fast, simple and efficient experiences, convenience, speed and simplicity are at the top of the priority list to have their needs met. The ease of filling spare time and picking and choosing one’s hours is also appealing to those with skills to meet growing consumer demand. So the on-demand economy is growing at an unparalleled pace. Many of the popular services people use on a regular basis nowadays are examples of the on-demand economy. Ride-sharing platforms Uber and Ola, as well as grocery delivery services such as Big basket, Dunzo and Reliance JIO Mart are just some examples of services with the on-demand economy.

Questions:

1. What is on-demand economy sometimes referred as?     (1)
2. Write any two examples based according to on-demand economy?     (1)
3. Write your opinion on the above passage.     (2)

Answer 1

1. On-demand economy is sometimes referred to as Access Economy.
2. Two examples based according on on-demand economy are
   • Uber
   • Reliance Jio Market
3. Because the on-demand economy makes goods and services easily accessible, wholesalers, retailers, and consumers use it widely these days. It is expanding in India at a rate never seen before.