BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It creates growth by creating safer work environments.
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It creates growth by increasing the productivity of labor.
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It restricts growth because workers have to learn the new technology.
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It restricts growth because of the additional expense of the new technology.
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Detailed explanation-1: -Technology is a key driver to economic growth by making production processes quicker and more efficient. Increased efficiencies translate to an increase in output. This means that companies are able to produce more goods and services in a shorter amount of time.
Detailed explanation-2: -With growth in productivity, an economy is able to produce-and consume-increasingly more goods and services for the same amount of work. Productivity is important to individuals (workers and consumers), business leaders, and analysts (such as policymakers and government statisticians).
Detailed explanation-3: -With growth in labor productivity, an economy is able to produce increasingly more goods and services for the same amount of work. And, because of this additional production, it is possible for a greater quantity of goods and services to ultimately be consumed for a given amount of work.
Detailed explanation-4: -Productivity growth allows people to achieve a higher material standard of living without having to work more hours or to enjoy the same material standard of living while spending fewer hours in the paid labor force.
Detailed explanation-5: -Growth in labor productivity depends on three main factors: saving and investment in physical capital, new technology, and human capital.