Final answer:
The combination of technology and innovation is essential in modern production, with examples from agriculture showing the benefits of technological advances and innovative practices.
Step-by-step explanation:
Having a plentiful supply of any one factor of production such as labor isn't as important today as a combination of technology and innovation. These two elements are crucial for modern production and economic growth. Technology refers to both the inventions and innovations that enable us to produce more with the same amount of input, as well as new methods of organizing work.
Innovation involves fresh ideas and the invention of new products or services, or improving existing ones. As an example, agriculture has greatly benefitted from technology and innovation, with new varieties of crops that are drought-resistant or have higher yields.