ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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supply and demand
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opportunity costs
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economic growth
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economic freedom
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Detailed explanation-1: -Additional or improved capital goods is intended to increase labor productivity by making companies more productive and efficient. Newer equipment or factories leads to more products being produced, and at a faster rate.
Detailed explanation-2: -As a result, a country cannot maintain its long-run growth by simply accumulating more capital or labor. Therefore, the driver of long-run growth has to be technological progress.
Detailed explanation-3: -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-4: -It includes increase in per capita production, per capita real income and structural change in economics.