Final answer:
Satellite technology has helped develop the modern global economy by enabling global communication, GPS navigation, and Earth observation capabilities.
Step-by-step explanation:
The use of satellite technology has helped to develop the modern global economy in several ways.
Firstly, satellites enable global communication and the exchange of information. They allow for the transmission of data, voice calls, and internet connectivity across vast distances. This has facilitated international business transactions, collaboration, and the growth of global markets.
Secondly, satellites are crucial for GPS (Global Positioning System) navigation. GPS enables precise location tracking and navigation, which is essential for logistics, transportation, and supply chain management. It has revolutionized the efficiency of global shipping and cargo transportation.
Lastly, satellites provide Earth observation and remote sensing capabilities. They allow for the monitoring of weather patterns, climate change, natural disasters, and resource exploration. This information is vital for decision-making in various industries, including agriculture, energy, and environmental management.