Question

Explain the meaning of technology and discuss the effect of technological progress on economic growth. Carefully explain the effect on real GDP, real GDP per capita and average labour productivity.

Answer 1

ANSWER :-

☆Echnology is the aptitudes, techniques, and procedures used to getting objective. Individuals can utilize innovation to Produce merchandise or administrations. Complete objectives, for example, logical examination or sending a spaceship to the moon.

• Technology increment the per capita salary as it's spare time and creation in exceptionally less time... it's likewise increment GDP per capita in light of the fact that it's contribute bunches of pay. genuine gross domestic product GDP likewise influenced by technology since technology  increment gross domestic product too the expansion become higher.
• In light of technology  the work profitability increment since work become proficient to work exceptionally quick and utilize an innovation instrument which will gainful to firm and that will develop the nation overall.

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