Mell What was the impact of technology on exploration?
During the Age of Exploration many tools were needed to help it flourish. These tools were helpful mainly because they helped explorers travel across seas. The explorers were able to make their discoveries mainly because of these technological innovations.
Why is technological growth important?
Technological development brings economic growth. However it also enhances social wealth on the one hand by increasing the income levels and wealth and causes certain social problems on the other hand. Technological development makes very important contributions to the economic and social-cultural life.
How has technology improved international trade?
More recently, technologies such as Optical Character Recognition (OCR) to read container numbers, Radio Frequency Identification (RFID) and QR codes to identify and trace shipments, and basic digitization of trade documents have improved the reliability and efficiencies of the international trade.
What technology did Columbus bring to the New World?
Christopher Columbus introduced horses, sugar plants, and disease to the New World, while facilitating the introduction of New World commodities like sugar, tobacco, chocolate, and potatoes to the Old World. The process by which commodities, people, and diseases crossed the Atlantic is known as the Columbian Exchange.
How does technology play a role in economic development?
There are really two channels to be considered here. The first runs from economic growth to human development and is fueled by household and government expenditures, heavily influenced by the role of technology in converting household and government allocations of savings into advances in education, health and other dimensions of human development.
How are technologies changing the way we trade?
The good news is that we may be on the brink of change. Different technologies in different parts of the technology adoption life cycle, when combined, could fundamentally change the way resources are allocated and international trade operates.
Is the world economy growing because of trade?
Over the last couple of centuries the world economy has experienced sustained positive economic growth, and over the same period, this process of economic growth has been accompanied by even faster growth in global trade.
Why is technology so important to human development?
There can be little doubt that technology – both in its process and quality dimensions – when combined with human development – makes a critically important contribution to economic growth which in turn leads to advances in human development as a society’s bottom line achievement.