Explain How Technological Progress Is a Source of Economic Growth

question 13

Essay

Explain how technological progress is a source of economic growth.

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Definitions:

Firms

Business organizations or entities engaged in commercial, industrial, or professional activities.

Financial Managers

Professionals responsible for the financial health of an organization, including planning, directing investment activities, and managing financial reports.

Profits

The financial gain obtained when the revenue from business activities exceeds the expenses, costs, and taxes involved in sustaining the activity.

Shareholders

Individuals or entities that own shares in a corporation, giving them partial ownership and a potential say in company decisions.