New technologies tend to reduce prices of goods and services to which they are applied. They also lead to the creation of new products. Consumers benefit from these improvements, regardless of whether they live in the developed world or the developing one.
Read moreHow does technology contribute to the development of a country?
In economics, it is widely accepted that technology is the key driver of economic growth of countries, regions and cities. Technological progress allows for the more efficient production of more and better goods and services , which is what prosperity depends on.
Read moreDo developing countries have technology?
A few developing nations are exhibiting stronger capabilities to use, adopt and adapt frontier technologies than their per capita GDPs would suggest , but most are lagging behind, according to an index of 158 countries in UNCTAD’s Technology and Innovation Report 2021 released on 25 February.25 Şub 2021
Read moreWhy do developing countries have less technology?
More importantly, low levels of investment in research and development, low enrolment rates in higher education and thus a limited supply of skilled labor, and inadequate or unstable policy and regulatory environments capable of promoting progress, all play a role in the poor state of science, technology and innovation …
Read moreWhat are the impacts of technological development?
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.
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