ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -It is important to note that technological advances have historically increased productivity, generated sustained increases in living standards and created more jobs than they have destroyed .

Detailed explanation-2: -Technological progress, by increasing the productivity of factors of production, expands an economy’s production possibility frontier, so that the same amount of output can be produced with fewer resources, or more output can be produced with the same amount of resources.

Detailed explanation-3: -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.

Detailed explanation-4: -Technology creates jobs through the provision of digital services and products in all sectors especially in areas where a lot still needs to be digitised. It is creating relevant jobs in virtual space for users, innovators, managers and entrepreneurs.