Close Menu
Post Rules

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    4 Top Reasons Why Customer Service Is Important

    December 1, 2023

    Things You Should Know About a Free Personal Injury Consultation

    November 23, 2023

    Employee Recognition and Rewards: Fostering Motivation and Engagement 

    November 21, 2023
    Facebook X (Twitter) Instagram
    • Privacy policy
    • Disclaimer
    • About Us
    • Contact Us
    Facebook X (Twitter) Instagram
    Post RulesPost Rules
    • Home
    • Business
      1. Finance
      2. Digital Marketing
      3. View All

      Should You Take Yes Bank Credit Card or a Travel Specific Credit Card for Next Vacation

      September 13, 2023

      What Is an RD Calculator, and How Can It Assist You in Achieving Your Savings Objectives?

      April 22, 2023

      Applying for a Home Loan? Do Your Homework First.

      November 13, 2022

      Top 5 Electric Scooters Under 1 Lakh In India

      October 20, 2022

      Reasons why Pallet Collars Would Be Much Better to Use Instead of Pallet Stacks in Supermarkets

      July 19, 2023

      Outdoor Marketing to Capture Customer’s Attention: Innovative Strategies for Effective Brand Awareness

      July 14, 2023

      Web Design For Authors In Baton Rouge

      October 20, 2022

      Why Choose Web Development in Lahore, Pakistan?

      October 19, 2022

      Custom Rigid Boxes for Special Editions or Limited Releases

      November 17, 2023

      Salary Trends in Hyderabad: The Complete Guide

      November 16, 2023

      Harnessing the Power of Column Charts: Tips and Tricks for Effective Data Presentation 10/26

      October 26, 2023

      6 Reasons For Seeking Help from a Bankruptcy Attorney Quickly

      October 25, 2023
    • Tech
    • Education
    • Lifestyle
      • Fashion
      • Daily bites
      • Entertainment
      • Health
      • Travel
      • Sports
      • Gaming
      • Food
      • Law
      • Fitness
      • Pets
    • Home improvement
    • Automobile
    Post Rules
    Home»Tech»Technology’s Role In Economic Development
    Tech

    Technology’s Role In Economic Development

    abdul waheedBy abdul waheedAugust 25, 2022Updated:August 25, 2022No Comments4 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Technology
    Share
    Facebook Twitter LinkedIn WhatsApp Pinterest Email

    A country’s economic development depends on several factors, in which technology is an essential factor. Technology plays a vital role in all sectors, such as agriculture, health care, education, banking, and transport. It is improving rapidly to stay competitive in the world. Developed countries use technology to enhance their sources and moderate their influences, whereas developing economies need to look out for the beneficial uses of technology to boost the economy. They must use technology to create more job opportunities and improve their existing sources. This article discusses the important role of technology in states’ economic development.

    Technology and developing economies:

    Adoption of technology by developing economies has a significant effect on their economies such as reducing the national cost of production, devising better and cheaper ways of producing goods and looking out for inexpensive and more sustainable sources for producing products. A developing economy in a struggle phase needs raw materials and methods to support its economy more affordably and positively. Need for new jobs and business ideas must be introduced and technology plays a vital role in this regard. Using technology such as creating tech companies, discovering new devices and setting up new businesses, and creating more employment opportunities for the young generation ultimately boosts the country’s economy.

    Importance of technology in the economy:

    • Technology has led to globalization which has helped to create several job and business opportunities for the public. People can start their setups over the internet and online platforms or use different advanced methods and devices, which has increased employment opportunities and ultimately improved the state’s economy. The marketplace can be assessed, which helps to attract a more comprehensive customer range and selling of products. A few days ago, a new product, a 1080p HD video camera, was launched by a famous brand and sold at an exponential rate. The internet and advanced communication have helped to spread globalization even quicker.
    • It has encouraged the growth of new businesses by providing new methods such as high-tech machinery, which has helped produce items faster and with better quality. Better products increase the country’s export, which boosts the state’s gross domestic product (GDP), ultimately leading to economic development.
    • It has led to the discovery of inexpensive raw materials for the production of products. In the past, only raw cotton was available as a raw material for production but now many synthetic fibres have been synthesized, such as PVC, which can form the same product but at a more affordable price. This all has been made possible because of growth in technology.
    •  Technology has led to increasing the efficiency of business outputs rate. Larger quantities of products and services can be rendered with the minimum initial input. The new industrial equipment is so designed that it can produce a more extensive range of products in a limited span of time and a better quality. The fabric prepared over the span of weeks now can be produced in a maximum of 1-2 days because of the latest machinery. This development has led to an increase in the country’s economy.
    • Technology has led to more research in science and business, which has helped different companies benefit from it. New methods have been designed which are able to manufacture products at a cheaper and faster rate.
    • It has helped in international trade. In the past, products such as food, clothing, decoration items etc. were only limited to the country where they were produced, but now with the help of the internet and the latest transport available, they can be transported globally, which has helped for businesses to grow and ultimately helping the country’s economy. One of the best examples in this regard is online shopping websites such as Facebook marketplace and Amazon.
    • It has helped to save time because time is money. The rise of different transport ships and the discovery of new routes has helped to cover long distances of months in weeks. It has led to faster selling of products in the different markets, which thus helps the country’s economy.
    • The rise of the computer era has significantly led to an increase in boosting the economy. Mobile phones, the internet and social media platforms have devised new methods for people to earn their bread and butter, increasing the employment rate and boosting the economy.

    Conclusion:

    Technology has helped to boost the economy, especially at the state level. It has helped increase the employment opportunities for the people, leading to an increase in economic growth.

    Read More: Security Implications of 5G Technology

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    abdul waheed

    Related Posts

    How Technology is Revolutionizing with Phone Repair at Your Doorsteps 

    October 26, 2023

    The Collaboration Between Graphic Designers and Developers in Fitness App Design

    October 12, 2023

    Why is it so Crucial that Users Activate Windows 10 on Their Computers?

    October 6, 2023

    The Common Red Ring of Death (RROD) Issue on Xbox: Causes and Fixes

    September 26, 2023

    Why Should You Pay Special Attention to Windows 10 Activator System Installation?

    September 19, 2023

    AI Chatbots for Small Businesses: A Customized Approach to Growth

    September 16, 2023
    Add A Comment

    Comments are closed.

    Don't Miss

    4 Top Reasons Why Customer Service Is Important

    By jhonnyDecember 1, 2023

    You have to know about the importance of customer service for your business. If you…

    Things You Should Know About a Free Personal Injury Consultation

    November 23, 2023

    Employee Recognition and Rewards: Fostering Motivation and Engagement 

    November 21, 2023

    Unfounded Claims of Sexual Assault in New Jersey

    November 21, 2023
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    Our Picks

    4 Top Reasons Why Customer Service Is Important

    December 1, 2023

    Things You Should Know About a Free Personal Injury Consultation

    November 23, 2023

    Employee Recognition and Rewards: Fostering Motivation and Engagement 

    November 21, 2023

    Unfounded Claims of Sexual Assault in New Jersey

    November 21, 2023

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    Demo
    About Us
    About Us

    Visit postrules.com for articles about technology, entertainment, and other topics. Our articles provide insight as much as it is enjoyable to write and deliver them. You will find daily articles on our website that are both entertaining and educational. Please feel free to contact us with any questions or comments.

    Email us: [email protected]

    Our Picks

    4 Top Reasons Why Customer Service Is Important

    December 1, 2023

    Things You Should Know About a Free Personal Injury Consultation

    November 23, 2023

    Employee Recognition and Rewards: Fostering Motivation and Engagement 

    November 21, 2023
    New Comments
      Facebook X (Twitter) Instagram Pinterest
      • Home
      • About Us
      • Disclaimer
      • Privacy policy
      • Contact Us
      © 2023 PostRules All rights reserved

      Type above and press Enter to search. Press Esc to cancel.