Th2.5: Technological Progress

Question 1

What does improved technologies mean?

Answer 1

that the average cost of production is lower, whether this is because it is quicker to produce or less labour or equipment is needed

Question 2

What does improved technologies creating new things to buy do?

Answer 2

helps to increase consumption and keeps MPC high

Question 3

Without increased spending…

Answer 3

there would be little economic growth