Final answer:
Technological advances have greatly improved the value of products and services by enhancing quality, increasing productivity and fostering economic growth. They contribute to market-oriented economic reforms, including investments in human capital, and have the potential to lift countries out of poverty traps.
Step-by-step explanation:
Technological advances have significantly contributed to the improvement of the value of both products and services in the past few decades. Innovations in technology have allowed for better product quality, enhanced service delivery, and increased productivity across various industries. Technological globalization, characterized by the diffusion of technology across borders, plays a key role in economic growth, competition, and the raising of living standards in many nations. Not only do technological leaders benefit from such advances, but also developing regions where modern technology can make impactful contributions in areas like education and health, which are essential to human capital development.
Importantly, technology can aid in market-oriented economic reforms and provide profitable opportunities for business, evidenced by the development of major new technologies. It can also lead to competition and reduced prices in certain markets, as the case with mobile phones and related services like mobile banking. Through technological progress and effective investment, countries can potentially maintain their growth rates and avoid getting caught in poverty traps.