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How does productivity lead to a sudden change in economic output. Explain?
Productivity increases can lead to a sudden change in economic output by allowing businesses to produce more goods or services with the same or fewer resources. This efficiency often results from technological advancements, better management practices, or improved worker skills. As productivity rises, companies can lower prices, increase profits, and reinvest in growth, stimulating demand and overall economic activity. Consequently, a surge in productivity can lead to rapid economic expansion, creating a positive feedback loop.
What would contribute to a sustained high rate of economic growth in the long run in an economy?
growth in capital per hour accompanied by technological change
Which description most accurately describes the input output model?
This model is used to estimate economic effects that an initial change in economic activity has on a regional economy.
How would you define a lagging economic indicator?
The lagging indicators change direction after the overall economy has moved, while coincident indicators move in tandem with the aggregate economic activity.
How do economics measure the impact of technological progress on economic growth?
Economic growth is the increase of per capital GDP or other measures of aggregate income, typically reported as annual rate of change in real GDP. A variety of measures of national income/output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), gross national product (GNP), & net national income (NNI).
What has the author George M Korres written?
George M. Korres has written: 'Technical change and economic growth' -- subject(s): Economic aspects, Economic aspects of Technological innovations, Economic conditions, Production functions (Economic theory), Technological innovations, Knowledge economy 'Handbook of innovation economics' -- subject(s): Technological innovations, Economic aspects
How did technology drive the change in economic activity?
yes
What has the author Philip Maxwell written?
Philip Maxwell has written: 'Capacity-stretching technical change' -- subject(s): Economic aspects, Economic aspects of Technological innovations, Factories, Technological innovations
What the the four factors of economic growth?
Physical capital, human capital, natural capital & technological change.
How and why does demand for energy change?
Two factors are: economic activity and weather.
What has the author Alexander Gourvitch written?
Alexander Gourvitch has written: 'Survey of economic theory on technological change and employment' -- subject(s): Economics, Industries, Unemployed, Technological unemployment
What has the author Niall Cook written?
Niall Cook has written: 'Enterprise 2.0' -- subject(s): Communication systems, Economic aspects, Economic aspects of Social media, Economic aspects of Technological innovations, Management, Organizational change, Social aspects, Social media, Technological innovations
What is the effect technological change can have on an economy?
Technological development brings economic growth. However it also enhances social wealth on the one hand by increasing the income levels and wealth and causes certain social problems on the other hand. Technological development makes very important contributions to the economic and social-cultural life.
What are the examples of change in the industrial revolution?
Dramatic changes in the social and economic structure took place as inventions and technological innovations created the factory system of large-scale machine production and greater economic specialization, and as the labouring population, formerly employed predominantly in agriculture (in which production had also increased as a result of technological improvements), increasingly gathered in great urban factory centers
What effect did the war have on the economies of the north and south?
The Civil War caused tremendous political, economic, technological, and social change in the United States
What effect did the war have on the economy of the north and south?
The Civil War caused tremendous political, economic, technological, and social change in the United States
What effect did the war have on economies of the south and the north?
The Civil War caused tremendous political, economic, technological, and social change in the United States
