Question

Wha happens to the global competitiveness landscape when automation reduces the labor cost?

Answer 1

Automation helps a lot for increasing business Hence when automation reduces the labour cost then due to this total cost will goes down .Due to automation productivity is increases, labour skills is also increases and then quality and quantity of product is also increases.When quality of product is increases then more demand is generated when more demand is generated then money circulation is increases.money circulation is also good for economy because more foreign exchanges is generated.More employment opportunity is generated due to automation.There is time saving due to automation.automation is labor saving technology .when automation is used then human error is reduced because mostly part of work is done by machineries.hence accuracy of data is increases.

automation increases productivity .it gives boost to economy.people will do work continue .people displaced by automation will try to get their job in snother area.they will try to generate more skills.They will try to do multitask.They will try to groom theirselves.