Question

in minimum 200 words, i need the relationship between technology and GDP.

Answer 1

The level of technology is also an important determinant of economic growth. the rapid rate of growth can be achieved through high level of technology. If the level of technology becomes constant the process of growth stops. The technological progress keeps the economy moving. Inventions and innovations have been largely responsible for rapid economic growth in developed countries.

It is the primary source in economic development and the various technological changes contribute significantly in the development of underdevelopment countries.

information communication tech is not only one of the fastest growing industries but it is also an important enabler of innovation and development.

here are some effects of technology:

1. direct job creation

2. contribution to gdp growth

3. emergence of new services and industries

4. work force transformation

5. business innovation

economic growth is defines as an increase to the tools and products that will be used to meet the human needs in any country or region. The main three indicators of economic growth are capital accumulation, technological advances and increase in the population and work force.. With the help of technology, it is possible to obtain more outputs with the use of same quantity of inputs in any production process.

technology also enhances social wealth on the one hand by increasing the income level ad wealth and causes certain social problems on the other hand. It makes very important contributions to thte economic and social cultural life.

A study conducted in America reveals the people work more than the past, virtues like industriousness and self discipline are more valued, entrepreneurship increased and people their technological capabilities for their careers.

technological progress allows for the more efficient production of more and better goods and services, which is what prosperity depends on.