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The substitution of labor with technology in the economy can lead to increased productivity and efficiency, but it can also result in job displacement and income inequality. Overall, it can have both positive and negative effects on the economy, depending on how it is managed and the policies in place to address its consequences.
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Explain growth of the global economy?
There are only three factors that constitute and contribute to economic growth: Labor, Capital, Technology.
What is the scope of managerial economics in the field of engineering?
costs:- technology has multi-dimensional impact on costs, one hand technology determines what combination of various factor is to be used e.g capital -intensive technology or labor intensive technology
What impact has the rise of the service economy had on labor?
service job growth is outpacing manufacturing jobsService job growth is outpacing manufacturing jobs
How does political factor effect supply of labor?
Q1. How does political factors impact behavior in organization? Q2. How does economical factors impact behavior in organization? Q3. How does social factors impact behavior in organization? Q4. How does technology impact behavior in organization?
Describe labor specialization?
Labor specialization led to a diverse West African economy. How?? I need a reason why.
Why were tariffs not good for the south?
The South had a Slave labor economy, in which labor is cheap and technology is expensive. North had the technology advantage but labor was relatively more expensive. Much like the current situation with China and the United States.
What impact did tobacco have on the economy and labor force of Virginia and on relations to Indians?
It built the economy, made many people farmers, and improved relations with the Indians.
Explain growth of the global economy?
There are only three factors that constitute and contribute to economic growth: Labor, Capital, Technology.
Which is better in relation to healthy life style , modern technology or manual labor Why?
I think manual labor is the best because if the children in the family gets used to modern technology,it might have a terrible impact in their lives if they have bad friends
What are some factors that helped the US economy change and grow?
Innovation and technology helped the US economy change and grow. Also, it is positively affected by an open economy, free labor market, and less federal government regulation.
What is the scope of managerial economics in the field of engineering?
costs:- technology has multi-dimensional impact on costs, one hand technology determines what combination of various factor is to be used e.g capital -intensive technology or labor intensive technology
What impact has the rise of the service economy had on labor?
service job growth is outpacing manufacturing jobsService job growth is outpacing manufacturing jobs
What was technology like in Georgia in 1770?
It could be called low technology by any standard since as a penal and debtors colony labor was cheap and plentiful. It was likely to last for a long time and creativity and economy of labor combined with efficiency and inovation were not essential to turn a good profit.
How does political factor effect supply of labor?
Q1. How does political factors impact behavior in organization? Q2. How does economical factors impact behavior in organization? Q3. How does social factors impact behavior in organization? Q4. How does technology impact behavior in organization?
Is labor an unlimited resource?
Labor is not an unlimited resource. It is influenced by factors such as population size, skill level, education, and social policies that affect the availability of workers. Additionally, labor can be constrained by factors like regulations, technology, and cultural norms that impact the labor force's size and productivity.
Describe labor specialization?
Labor specialization led to a diverse West African economy. How?? I need a reason why.
What is slave economy?
An economy that is based on the incomes derived from slave labor.
