ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -How does technology affect labour? Technology has led to a shift in the types of jobs people do. Technology has meant the decrease in manual, un-skilled jobs, and the increase in jobs that require technological skills.

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: -Nowadays, all spheres of human activities are covered by digitalization. The development and adaptation of digital technologies may cause structural unemployment in many industries because of massive automation. Thus, in a short time, the supply of labor will not correspond to the demand.

Detailed explanation-4: -Technological progress refers to the discovery of new and improved methods of producing goods. Changes in technology lead to an increase in productivity of labor, capital, and other factors of production.