What is one way that technology can improve the distribution of goods? Automation can create goods more cheaply and easily. Businesses can hire factory workers across the world.
How does improved technology allow the economy to operate more efficiently *?
How does improved technology allow the economy to operate more efficiently? It helps to make better use of the nation’s limited resources.
Which economic indicators are used to measure the global economy Check all that apply?
Buying power parity, market volume, and GDP are all economic indicators used to evaluate the global economy.
How can the use of technology in industry benefit producers?
How can the use of new technology in industry benefit producers? Producers can transport goods around the world. How can the use of new technology in industry benefit workers? Workers can gain new knowledge and skills.
What are the advantages and disadvantages of automation?
Advantages commonly attributed to automation include higher production rates and increased productivity, more efficient use of materials, better product quality, improved safety, shorter workweeks for labour, and reduced factory lead times.
How has the Internet benefited the economy?
The Internet will produce significant cost savings in many sectors of the economy, resulting in faster productivity growth. It will also produce lower prices for consumers, resulting in faster growth in living standards.
How does technology affect development of a country?
The adoption of technology by developing countries has had profound effects on their economies, such as reducing the national costs of production, establishing standards for quality, and allowing individuals to communication from a distance.
Why is technology important for economic growth quizlet?
Technological change shifts up the production function and allows an economy to produce more real GDP per hour worked with the same quantity of capital per hour worked.
Which economic terms can be used to measure changes in the global economy?
Gross Domestic Product (GDP), a widely used indicator, refers to the total gross value added by all resident producers in the economy. Growth in the economy is measured by the change in GDP at constant price.
Which are indicators that economics use to measure how an economy grows?
GDP. The gross domestic product, or GDP, of an economy provides the overall value of the goods and services it produces and indicates whether an economy is growing or slowing.
How can the use of technology and industry benefit consumers?
How can the use of new technology in industry benefit consumers? Consumers have greater access to information. What is one way that technology can improve the distribution of goods? Container ships can transport a number of goods at once.
How can the use of technology and industry benefit the US government?
How can the use of new technology in industry benefit the US government? The government can purchase materials from anywhere. The government can rely on automation to reduce costs. The government can react to economic changes quickly.
What is one possible effect of high unemployment in a mixed market economy?
What is one possible effect of high unemployment in a mixed market economy? A lack of income will weaken the buying power for many people.
How Big Data affect a global economy?
Faster innovation through a shorter research and development cycle. A report from McKinsey Global Institute estimates that Big Data could generate an additional $3 trillion in value every year in just seven industries. Of this, $1.3 trillion would benefit the United States.
What would happen if an economy Cannot produce?
If an economy is unable to produce wanted goods and services, then the people will look elsewhere for them. If a demand is not fulfilled by the current economy, the customers will go where their demand is fulfilled. Therefore, an economy must fulfill the demand of the customers and produce wanted goods and services.
What are the three types of economic data?
There are three types of data: time series, cross-section, and a combination of them is called pooled data.
How does automation affect the economy?
Automation enables firms to produce goods for lower costs. Automation leads to significant economies of scale – important in industries which require high capital investment. Automation enables firms to reduce number of workers, and this limits the power of trades unions and potentially disruptive strikes.
How will automation affect society?
While automation boosts economic growth, creates jobs, and improves living standards, it can also present serious challenges for workers and communities, including job displacement, disruptions to local economies, changing skill needs, and rising inequality.
How does automation affect the environment?
Automation Reduces Carbon Emissions While it may lead to loss of jobs done by manual workers, the overall effect on the environment is good. Heavy duty manual operated machinery emits more CO2 to the environment compared to the electronic ones.