Production of new and better goods and services using new technology r...
Expansion of Employment:
When new and better goods and services are produced using new technology, it leads to an expansion of employment. This is because the production of these goods and services requires skilled workers who are knowledgeable about the new technology. As a result, more job opportunities are created, leading to an increase in employment levels. This is beneficial for the economy as it reduces unemployment rates and improves the overall well-being of individuals.
Increase in Incomes and Profits:
The production of new and better goods and services using new technology also results in an increase in incomes and profits. When businesses adopt new technology to improve their production processes, they become more efficient and productive. This enables them to produce goods and services at a lower cost, which in turn leads to an increase in profits. Additionally, the increased production of goods and services can generate higher sales, resulting in higher incomes for businesses and their employees. This increase in incomes and profits not only benefits the businesses themselves but also contributes to economic growth and development.
Boost to the Economy:
The production of new and better goods and services using new technology provides a significant boost to the economy. It stimulates economic growth by increasing productivity, creating new job opportunities, and attracting investments. This, in turn, leads to an increase in consumer spending, as individuals have access to a wider range of high-quality goods and services. The boost to the economy also extends to other sectors, as businesses supplying inputs to the production process also experience increased demand. Overall, the production of new and better goods and services using new technology contributes to a more vibrant and dynamic economy.
Therefore, the correct answer is option 'D' - all of the above. The production of new and better goods and services using new technology leads to an expansion of employment, an increase in incomes and profits, and a boost to the economy.