ECONOMICS
SCARCITY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
by reinforcing traditional values in a society
|
|
|
by introducing new goods and services that create new markets
|
|
|
by ensuring people’s freedom to make their own choices
|
|
|
by rewarding the development of efficient technology
|
Detailed explanation-1: -Simply put, innovation can lead to higher productivity, meaning that the same input generates a greater output. As productivity rises, more goods and services are produced – in other words, the economy grows.
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: -Increase in production can be achieved either through the use of more resources and/or through the realization of higher productivity by means of using the resources of labour, capital and land more efficiently. Technological change helps to promote growth in both these ways.
Detailed explanation-4: -Technology is a key factor that drives productivity growth and global market competition and defines global value chains. Technological innovation spawns new businesses and shapes the nature of international competition and international trade.
Detailed explanation-5: -What is the most important aspect of new technology for economic growth? It leads business people to alter the way they do business. An increase in capital stock would: cause a movement to the right along a stationary production function.