ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It makes the overall economy more efficient and competitive
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technology creates many jobs for people
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technology allows people to work less
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it helps increase the Gross Domestic Product of a country
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Detailed explanation-1: -With the help of technology, it is possible to obtain more outputs with the use of same quantity of inputs in any production process. This surely will bring savings in the work force and capital. The final indicator is an increase in the population and work force.
Detailed explanation-2: -It increases the efficient production of more goods and services in the organization. The new technology is codified knowledge in the form of routines and protocols. Technology helps to get enough knowledge about the use of economic resources to produce goods and services more efficiently.
Detailed explanation-3: -Technological change is the most important factor that determine rate of economic growth. It plays a important role than the capital formation. It is the technological change which can bring about continued increase in output per head of the population. Thus it is the prime-mover of economic growth.
Detailed explanation-4: -Workers can have access to higher-productivity jobs and countries can achieve higher prosperity through the adoption of more sophisticated technologies by firms.
Detailed explanation-5: -A technological change in economics may be defined as an increase in the efficiency of a product or process that results in an increase in output, without an increase in input. It has three stages: Invention-the creation of a new product or process.