Question

what is the importance of technological advances in GDP growth?

Introduction (what is the question that you are addressing, for example, what is the importance of technological advances in GDP growth? )

- Narrative (a description of how you are addressing it -

- Conclusion (what do you learn from the exercise and also ties together the two parts above

Answer 1

Meaning of technology - Introduction

Technology is the key driver of economic growth of countries,regions and cities.it is the only determinant of economic progress.more advace technology results in quick growth and global economy can improve.

.importance of technology is discussed below-

1- saves time- technology helps in saving time and render product and service which results in overall profits of a business.

2- improve efficiency - larger quantity can produced by applying advanced technology which helps in achieving high GDP,and leads to economic growth.

3- specialization- specialization can be achieved through technology which results in larger production and division of labour..specialisation increases the quantity as well as the quality of goods and services.

4- natural resources-it helps the govt.to access its natural resources and with the technique optimum utlisation of resources is done.

5- industrial expansion- with the use of advanced technology business csn increase its output,which in turn results to higher profits and greater economic development ie.GDP.

Narrative - a description how technology is  addressed

Boost business productivity- with the use of modern techniques and methods it helps the producer to produce goods at large scale with limited capital and making the best use of available resources.which increase the profits of the business.

2- enhance communication- the channel of communication runs smoothly with the advanced technology..communication helps to reach the proper person at proper time because of right technique.

3- improve education system- technology has brought a drastic change in the history of education.with the use of laptops,tablets,online teaching,online libraries..it helps in spreading eduction in every corner of the vountry thus invrease economic growth.

5- boost purchasing capacity- purchasing capacity is slso influenced by technology..online shopping,use of e payment system,online wallets,money transferelectrically has made the trade and commerces fkexible.

6- develop infrastructure- technolgy helps to draw and develop the building structures.it helps in the ability to visualize the upcoming projects through 3d .thus saves time and increases creativity.

Conclusion,

To sum up- one can say the technology plays a vitsl role in GDP growth.its the need of an hour.at this time of pandemic,we have done everything with the help of technology and it helps to stay connected.its a tool that we use in different waysto increase efficiency,welfare and economic growth and increases GDP.