How Does Technology Help In Economic Development Of A Country

Technology is considered as a key factor for economic development. The power of lowering transaction costs for job generation and better earnings is especially pertinent in low and middle income countries.

How Technology Is Helping Economies In Developing Countries

how does technology help in economic development of a country

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It is integrated with every value adding activity of the company and helps in achieving these activities porter 1980.

How does technology help in economic development of a country. Technological advancement and economic growth are truly related to each other. Technology gives companies the competitive edge to strive and compete in the global world. Technology is also changing the cost of transactions.

The economic development depends upon the rate of economy growth. Many authors in the field of technology management mention this impact on economic development as a motivator for their technology. Access to markets and resources due to improved connectivity helps firms grow and create jobs or attract work to new markets that are more competitive.

The level of technology is also an important determinant of economic growth. Technological innovation and information communication technologies icts represent a way for developing world nations to foster economic development improve levels of education and training as well as address gender issues within society. Technology for economic development of any country is an important factor.

All developed and under developed countries economy agriculture industry transport banking health education and improved technology in all sectors are trying to install. Entrepreneurship is crucial for economic development around the world. Itself is the result of greater productivity.

Role of technology in economic development the development of technology is rapidly altering every aspect of the lives of human beings and extending the changes towards economic development. In process of production the most important factor is technology. But the rate of such natural development is very slow.

Technology helps in improving and maintaining quality levels and competitive edge of the products. Economic development takes place even through a natural process. Technology may be used to achieve economic growth but sustainable development for the whole population requires the correct decisions on suitable technology and economic development.

The united nations which is headquartered in new york city uses the human development index to ascertain a nations quality of life. The technology can be regarded as primary source in economic development and the various technological changes contribute significantly in the development of underdeveloped countries. Technology refers to the body of information whose utilization elicits the manufacture of products and services from various sources of the economy.

Fdi Can Affect Economic Growth Through The Transfer Of Technology And Download Table