Question

Explain the meaning of technology and discuss the effect of technological progress on economic growth.

In your answer, carefully explain the effect on real GDP, real GDP per capita and average labour productivity.

Answer 1

Technology is the skills, methods, and processes used to getting objective. People can use technology to Produce goods or services. Carry out goals, such as scientific investigation or sending a spaceship to the moon.

technology increase the per capita income as it's save time and production in very less time... it's also increase GDP per capita because it's contribute lots of income. real gdp also affected by technology because technology increase gdp as well the inflation become higher. because of technology the labour productivity increase because labour become efficient to work very fast and use a technology instrument which will beneficial to firm and that will grow the country as a whole.