ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Some disadvantages could include: Creates scarcity due to an inability to plan for individual needs. Forces government rationing due to inability to calculate demand on set prices. Eliminates market competition, resulting in a lack of innovation and advancement.

Detailed explanation-2: -A negative aspect of technological change is its impact on income distribution. Workers who are displaced by technological advances may find it difficult to become re-employed as new jobs require advanced skills they do not possess. Technology impacts the number of jobs needed to produce goods and services.

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: -In economics, it is widely accepted that technology is the key driver of economic growth of countries, regions and cities. Technological progress allows for the more efficient production of more and better goods and services, which is what prosperity depends on.