Role of new technology in a developing country.

Question

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Answer 1

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 17, Problem 1P

To determine

Role of new technology in a developing country.

Expert Solution & Answer

Explanation of Solution

Majority of developing countries are labor intensive. Therefore, to achieve a rapid economic growth, developing countries try to import new technologies from developed nations, because the new technology will help to increase the productivity of an economy. This concept is explained using an example, suppose, searching few things in internet without a search engine is too difficult. The role of internet, email, online banking etc. is the examples of technology up gradation. Therefore, they upgraded and changed most of the systems in the country for the Y2K bug. But on the contrary, increasing role of machines will reduce the labor force needed for a production process and also more skilled and trained labor force is needed to operate the newly imported technology.

Economics Concept Introduction

Concept introduction:

Labor intensive production: Labor intensive means a proportion of labor is used for the production of goods, and services are greater than proportion of capital used for the production, which means that labor is substituted for the capital.

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Answer 2

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 17, Problem 1P

To determine

Role of new technology in a developing country.

Expert Solution & Answer

Explanation of Solution

Majority of developing countries are labor intensive. Therefore, to achieve a rapid economic growth, developing countries try to import new technologies from developed nations, because the new technology will help to increase the productivity of an economy. This concept is explained using an example, suppose, searching few things in internet without a search engine is too difficult. The role of internet, email, online banking etc. is the examples of technology up gradation. Therefore, they upgraded and changed most of the systems in the country for the Y2K bug. But on the contrary, increasing role of machines will reduce the labor force needed for a production process and also more skilled and trained labor force is needed to operate the newly imported technology.

Economics Concept Introduction

Concept introduction:

Labor intensive production: Labor intensive means a proportion of labor is used for the production of goods, and services are greater than proportion of capital used for the production, which means that labor is substituted for the capital.

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Answer 3

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 17, Problem 1P

To determine

Role of new technology in a developing country.

Expert Solution & Answer

Explanation of Solution

Majority of developing countries are labor intensive. Therefore, to achieve a rapid economic growth, developing countries try to import new technologies from developed nations, because the new technology will help to increase the productivity of an economy. This concept is explained using an example, suppose, searching few things in internet without a search engine is too difficult. The role of internet, email, online banking etc. is the examples of technology up gradation. Therefore, they upgraded and changed most of the systems in the country for the Y2K bug. But on the contrary, increasing role of machines will reduce the labor force needed for a production process and also more skilled and trained labor force is needed to operate the newly imported technology.

Economics Concept Introduction

Concept introduction:

Labor intensive production: Labor intensive means a proportion of labor is used for the production of goods, and services are greater than proportion of capital used for the production, which means that labor is substituted for the capital.

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Answer 4

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 17, Problem 1P

To determine

Role of new technology in a developing country.

Expert Solution & Answer

Explanation of Solution

Majority of developing countries are labor intensive. Therefore, to achieve a rapid economic growth, developing countries try to import new technologies from developed nations, because the new technology will help to increase the productivity of an economy. This concept is explained using an example, suppose, searching few things in internet without a search engine is too difficult. The role of internet, email, online banking etc. is the examples of technology up gradation. Therefore, they upgraded and changed most of the systems in the country for the Y2K bug. But on the contrary, increasing role of machines will reduce the labor force needed for a production process and also more skilled and trained labor force is needed to operate the newly imported technology.

Economics Concept Introduction

Concept introduction:

Labor intensive production: Labor intensive means a proportion of labor is used for the production of goods, and services are greater than proportion of capital used for the production, which means that labor is substituted for the capital.

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Answer 5

Chapter 17, Problem 1P

To determine

Role of new technology in a developing country.

Expert Solution & Answer

Explanation of Solution

Majority of developing countries are labor intensive. Therefore, to achieve a rapid economic growth, developing countries try to import new technologies from developed nations, because the new technology will help to increase the productivity of an economy. This concept is explained using an example, suppose, searching few things in internet without a search engine is too difficult. The role of internet, email, online banking etc. is the examples of technology up gradation. Therefore, they upgraded and changed most of the systems in the country for the Y2K bug. But on the contrary, increasing role of machines will reduce the labor force needed for a production process and also more skilled and trained labor force is needed to operate the newly imported technology.

Economics Concept Introduction

Concept introduction:

Labor intensive production: Labor intensive means a proportion of labor is used for the production of goods, and services are greater than proportion of capital used for the production, which means that labor is substituted for the capital.

Answer 6

Chapter 17, Problem 1P

To determine

Role of new technology in a developing country.

Expert Solution & Answer

Explanation of Solution

Majority of developing countries are labor intensive. Therefore, to achieve a rapid economic growth, developing countries try to import new technologies from developed nations, because the new technology will help to increase the productivity of an economy. This concept is explained using an example, suppose, searching few things in internet without a search engine is too difficult. The role of internet, email, online banking etc. is the examples of technology up gradation. Therefore, they upgraded and changed most of the systems in the country for the Y2K bug. But on the contrary, increasing role of machines will reduce the labor force needed for a production process and also more skilled and trained labor force is needed to operate the newly imported technology.

Economics Concept Introduction

Concept introduction:

Labor intensive production: Labor intensive means a proportion of labor is used for the production of goods, and services are greater than proportion of capital used for the production, which means that labor is substituted for the capital.

Answer 7

Chapter 17, Problem 1P

To determine

Role of new technology in a developing country.

Answer 8

Expert Solution & Answer

Explanation of Solution

Majority of developing countries are labor intensive. Therefore, to achieve a rapid economic growth, developing countries try to import new technologies from developed nations, because the new technology will help to increase the productivity of an economy. This concept is explained using an example, suppose, searching few things in internet without a search engine is too difficult. The role of internet, email, online banking etc. is the examples of technology up gradation. Therefore, they upgraded and changed most of the systems in the country for the Y2K bug. But on the contrary, increasing role of machines will reduce the labor force needed for a production process and also more skilled and trained labor force is needed to operate the newly imported technology.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Concept introduction:

Labor intensive production: Labor intensive means a proportion of labor is used for the production of goods, and services are greater than proportion of capital used for the production, which means that labor is substituted for the capital.

Answer 12

Ch. 17 - Prob. 1P Ch. 17 - Prob. 2P Ch. 17 - Prob. 4P Ch. 17 - Prob. 5P Ch. 17 - Prob. 7P Ch. 17 - Prob. 8P Ch. 17 - Prob. 9P Ch. 17 - Prob. 10P Ch. 17 - Prob. 11P Ch. 17 - Prob. 12P

Role of new technology in a developing country.

Solution Summary: The author explains the role of new technology in a developing country.

Role of new technology in a developing country.

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