How Technology Helps To Reshape The Economic Growth

Technology may be defined as the application of scientific knowledge for industrial use and practical purpose. Technology ranges from small scale computers to large machines. It plays an important role in reshaping the economic development of a country.

Economic development is a process through which a country gets healthier, wealthier, better educated and have access to good quality of life. Economic development is very important for a country as it is the total of the efforts of the government as well as its people. The economic development of a country can be made to move towards progress and reshaped by using technology in every field from agriculture to trade.

The most important contribution of technology is that it increases the productivity of labor. If new technology is introduced and labor is well trained then they will produce more output. As labor productivity increases the output also increases and give rise to national income. For example, if tractors are used in agriculture instead of hand tools a farmer will plow more land per acre and also consume lesser time. It also results in more capital formation. If technology is used the labor will also learn new skills to use the specific equipment and this will lead to more human capital formation.

Economic development also includes quality of life of people which can be made better by technology. Standard of living of the people depends upon national income as well as per capita income. Technological equipment’s increase the GDP of a country leading to a better standard of living. Technology also removes the risk of scarcity of resources as well as inflation by the rapid supply of products. If the demand for a particular commodity increases it is possible to meet the increasing demand by using modern equipment’s and providing the product to as many people as required. The use of technology also boosts international trade. Communication gets easier and country exchange its excess products with the excess production of other countries.

The infrastructure of a country also advances. It can be realized with the fact that now gas is used instead of petrol and atomic energy is also in use. Technology reduces the danger of wastage of resources during production. More output is produced by minimum input. It also overcomes the circle of poverty and results in a better quality of products. Technology may be considered as the primary source of reshaping the economic development and various changes in technological equipment result in the better economic development of underdeveloped countries.

We at https://www.csg.com.au/ provide you with a chance to use all the modern technological types of machinery. We have the technology of all kind suitable for small scale and large scale businesses and trade purpose. If the trade and commerce activity will be better by using our machines then the economy of a country will gradually be reshaped.