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macro 3 - Technology determines the maximal physical...

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Productivity enhances economic viability. In other words, the more productive a company or endeavor is, the greater the chance it will endure and flourish in a given economy. Productivity refers to the extent to which productive resources of an economy like its manpower are being used effectively. The productivity is an important contributor and indicator of the total economic prosperity. Particularly manpower productivity can be directly related to the per capita earning of the people in an economy or a country. Productivity of other inputs like capital equipment indicates how well or effectively the resources of the economy are being used. The productivity of any one type of input such as manpower can be achieved by several different means such increasing efficiency of the input, using more of other inputs like capital and energy and using better technology.
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Unformatted text preview: Technology determines the maximal physical quantity of output that can be reached as well as the number and the quality of inputs required. Adopted technology is in turn an economic choice, taken upon both economic and technological reasons. Education plays a very importance role in the improvement of skillet of labor. Education may also play a role in increasing productivity through greater scale efficiency. In the short run, education may affect the quantities of variable inputs used, while in the long run it may influence the optimal scale of operation. Therefor Education, Research and Development, Technology can produce good and helpful result for all human beings/earth and can save health by encouraging others to live life sensibly. Macro 2 ECON, Student edition page 85, by William A. McEachern...
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