Final answer:
The development of technology involves creating new innovations and spreading them across societies, greatly impacting economic growth and quality of life, as evidenced by the World Bank report and changes like mobile banking and smartphones.
Step-by-step explanation:
The development of technology encompasses knowledge generation, which is the creation of new innovations, and diffusion, the process by which these innovations are spread across different societies and markets. Technology has transformed facets of life from agriculture to communication, exemplified by the adoption of mobile banking in rural contexts and the widespread access to information through smartphones. The World Bank report indicates that technological advancement correlates with economic growth and can significantly elevate people out of poverty, enhance productivity, and bridge the digital divide. These advancements emerge from persistent research and development, turning conceptual discoveries into tangible benefits that improve the quality of life and alter how society operates.