Role of technology in the economy from "summary" of Oswaal NCERT One For All for UPSC & State PSC's Indian Economy Classes-9 to 12 (Old & New NCERT Edition) (For 2023 Exam) by Oswaal Editorial Board
The role of technology in the economy is paramount in today's world. Technology has revolutionized the way businesses operate, the way consumers interact with products and services, and the way economies grow and develop. One of the key aspects of technology in the economy is its impact on productivity. Technology has enabled businesses to increase their productivity by automating tasks, streamlining processes, and improving efficiency. This increased productivity leads to higher output and ultimately, economic growth. Furthermore, technology has also played a crucial role in globalization. The advent of the internet and other communication technologies has made it easier for bu...
Similar Posts
International trade influences business competitiveness
The global marketplace is a dynamic environment where businesses must navigate various factors to maintain their competitivenes...
Prices fluctuate based on market conditions
In economics, prices are not fixed entities but rather dynamic variables that respond to changes in market conditions. This mea...
Cultivate a solid support network to navigate challenges effectively
Building a strong support network is crucial for navigating the challenges that come with growing and profiting without losing ...
World Wars reshaped global alliances and power dynamics
The cataclysm of the two World Wars transformed the world in ways that were unimaginable before. These conflicts not only redef...
Economic agents respond to incentives
Economic agents respond to incentives because incentives are the driving force behind human behavior. When individuals are pres...
Entrepreneurship is key to driving innovation
The engine of innovation is entrepreneurship. It is the entrepreneurs who are the primary drivers of innovation, creating new p...
Taxes can also influence aggregate demand
When the government changes taxes, it affects people's disposable income. Disposable income is the total amount of income that ...
The discovery of America opened up new opportunities for exploration and colonization
The discovery of America in 1492 by Christopher Columbus marked a turning point in human history. This event opened up a vast n...
Technological progress plays a key role in economic development
In the realm of economic development, technological progress stands as a fundamental driver of growth. As discussed by Robert M...