Economics Economic Development Questions
The role of technology in economic development is crucial. Technology plays a significant role in driving economic growth and improving productivity. It enables the creation of new industries, enhances efficiency in existing industries, and facilitates innovation and entrepreneurship. Technological advancements lead to the development of new products and services, which can increase economic output and create employment opportunities. Additionally, technology improves infrastructure, communication, and transportation systems, which are essential for economic development. Overall, technology acts as a catalyst for economic growth by fostering innovation, increasing productivity, and improving living standards.