Question

in one to two sentences explain How do improvements in technology and human capital influence productivity, economic growth, and standard of living within an economy?

Answer 1

Improvements in technology allow for greater efficiency, lower costs, and higher levels of productivity. In turn, increased productivity leads to economic growth, higher wages, and a higher standard of living for individuals within the economy. Similarly, investments in human capital, through education and training, result in a more skilled and productive workforce, ultimately driving economic growth and increasing the standard of living.