ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Scientific advances and technological change are important drivers of recent economic performance. The ability to create, distribute and exploit knowledge has become a major source of competitive advan-tage, wealth creation and improvements in the quality of life.

Detailed explanation-2: -Broadly speaking, there are two main sources of economic growth: growth in the size of the workforce and growth in the productivity (output per hour worked) of that workforce. Either can increase the overall size of the economy but only strong productivity growth can increase per capita GDP and income.

Detailed explanation-3: -Science and technology have made it easier for people to communicate with other people across the world. They also helped in decreasing the costs of production leading to business growth as well as contributing to the development in the agriculture sector, education sector, and industrial/manufacturing sector.

Detailed explanation-4: -An application of science is the use of scientific knowledge for a specific purpose. Technology is any modification of the natural world made to fulfill human needs or desires. Engineering is a systematic approach to design, with a goal of meeting human needs or wants.