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Relate each of the following to the 1995 to 2010 increase in the trend rate of...

Relate each of the following to the 1995 to 2010 increase in the trend rate of productivity growth: a. Information technology. b. Increasing returns. c. Network effects. d. Global competition.

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Answer #1

Ans) a) Information technology: The rate of productivity growth has grown due to innovations using microchips, computers, new telecommunications devices and the Internet.
b. Increasing returns : firms' output grows faster than their inputs. Economies of scale occurs when average total cost of
c. Network effects : type of economy of scale whereby certain information products become more valuable to each user as the number of buyers grows.
d. Global competition: Global competition is a trait of the New Economy because both transportation and communication can be accomplished at much lower cost than previously which expands market possibilities for both consumers and producers who are not limited by national boundaries

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