Question

9. Give an example of investments in equipment and technology and explain their relationship to economic growth.

[1pt]

Answer 1

Answer is given below

Step-by-step explanation:

• Since there is a relationship between output and input when measuring productivity, the following relationships may occur:
• Productivity increases when new and improved capital goods are used to produce other goods and services. The development of technology certainly contributes to the increase in productivity (because it promotes the development and implementation of better machinery and equipment.)
• Due to technological development and growth workers can produce equivalent goods and services in less time. Work the same amount on goods and services.