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If demand of a commodity increase, it is possible to match the demand with the help of technology. Trade The basis of international trade is “a country exchanges its excess production with the excess production of another country”.So with the use of technology production and international trade also increase.Technology, national income and per capita income growth using, is it leads to better quality of life.
Agriculture, industry, profession, health, education, art, political processes, recreation, religious activities and daily life activities all are under the influence of technology.
But, it is important to keep in mind that technological advancement has affected human life both positively as Well as negatively.
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The development stage of the country’s current economic policy framework should be within.
Importance of Technology Technology is important due to following reason.The positive as well as negative roles of technology have put humans into to a situation of flux and confusion.Disclaimer: This work has been submitted by a student.Technological advancement has reduced the risk involved in manufacturing enterprises.There has been tremendous improvement in the field of health the world over not only the average age of people has increased but the mortality rate has also declined considerably.Adoption of technology Technology and developing countries by developed countries may not adopt product.Major markets of advanced industrial countries, high income, ample capital resources, supported by good management and technical skills are the least developed countries, small income, capital shortages, unskilled labor is abundant.More human capital Human capital means skilled and educated labor force when we increase the use of technology the skills in labor also increase; it leads to human capital formation.Providing better living standard We enjoy living facilities per capita income and the quality of life decision.Not only that life has become easy and comfortable, there are also indications of several threats to life and society in the future due to use/misuse of modern technology.The nature and extent of development the human society has experienced by now is heading towards crises in future.