Advances in technology have helped to decrease birth rates and lengthen life expectancies , with projections estimating an increase in the number of elderly to 20% of the total population by 2025. This means that one in every five Americans will be elderly.
Read moreWhat are the impact of technology in the economic development of Nigeria?
It also shows the growth rate as an engine to the development of economies of developing countries like Nigeria in this 21p century. ICT services have help in the improvement of the markets, reduction in transaction costs and increase productivity through better management in both public and private sectors .
Read moreHow is technology affecting globalization?
Technological advancements reduce costs of transportation and communication across nations and thereby facilitate global sourcing of raw materials and other inputs . Patented technology encourages globalization as the firm owning the patent can exploit foreign markets without much competition.
Read moreWhat are the impact of technology on economic development?
Technology can save the time it takes to produce a good or deliver a service, contributing to the overall profits of a business . Technology can contribute to the efficiency of a business’s output rate, allowing for larger quantities of products to be moved or of services to be rendered.
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