ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It enables people to work fewer hours.
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It ensures that all of the nation’s resources will be used.
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It ensures that all of the nation’s workers are employed.
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It helps to make better use of the nation’s limited resources.
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Detailed explanation-1: -How Does Technology Impact Economic Growth? 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: -Technological progress allows for the more efficient production of more and better goods and services, which is what prosperity depends on. However, the mechanisms through which technology is developed, adopted and used in production are complex.
Detailed explanation-3: -Technology is an important factor that an change substances into resources . People themselves are the most important resource . It is there ideas, knowledge, inventions and discoveries that led to the creation of more resources .
Detailed explanation-4: -For developing countries, access to technology can have many benefits-one such improvement being the boost of a nation’s economy. Other ways that technology is helping economies in developing countries include reducing the costs of production, encouraging the growth of new business and advancing communication.
Detailed explanation-5: -It increases productivity and brings citizens new and better goods and services that improve their overall standard of living. The benefits of innovation are sometimes slow to materialize.