ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -Technology has a big impact on businesses, in terms of both updating existing products and finding new ways of manufacturing products. Technology benefits businesses as it allows them to produce higher quantities, make products more consistent and be more cost-effective.

Detailed explanation-3: -Increase Physical Capital Goods Adding capital to the economy tends to increase productivity of labor. Newer, better, and more tools mean that workers can produce more output per time period.

Detailed explanation-4: -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.