Role of technology in technology

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Role of Technology in Economic Development
Thesis statement: Technology serves as a backbone of economic development with its constant advancements that greatly contribute to the economic growth in many ways.
Technological advancements rapidly change the daily lives of human beings to bring about developments in economics. Technology is the utilization of current information to elicit the manufacture of goods and services from their economic sources in a country. Technological advancements affect all industries from marketing, healthcare, communication, crop production, and transport among others.
Point I. Technology enhances the utility of natural resources
Different nations endowed with natural resources utilize new technologies to access raw materials including oil and minerals. Without advanced technologies, some of the minerals and oils would not be accessible, and even if they were accessible, the means to reach them would be both expensive and inefficient (Caliskan 651).
New technologies enhance efficiency in the extraction of resources. The minerals extracted from the natural resources can then be sold to earn a foreign exchange and improve the economic standards. Countries make more profits and earn revenues.
Point II. Technology utilization facilitates innovation through research
The new technologies bring opportunities and innovation of new means of solving problems. Using technology, research is facilitated which bring in insights to new methods of advancing methods of doing business which is more efficient, and profitable towards the discovery of the market’s technical capabilities, reducing diseases etc (Caliskan 651).

The new methods yielded by the research improve the economic conditions as the nation can save for investments. Research brings in better and improved ways of conducting economic activity.
Point III. Making use of technological advancements saves on labor.
Businesses spend a lot paying salaries and wages by use of labor-intensive mechanisms which employ a lot of workers. However, the use of technology, mechanization, and machinery ensures that firms are efficient, effective and have a uniform quality of production.
New technologies ensure that firms meet demand thereby expanding the revenues and savings. The freed-up labor can be used in other productive areas for economic prosperity.
In conclusion, adopting new technologies is a late move for nations that wish to progress economically due to the economic benefits across the industries. Technology is critical in the development of the economy as it saves on labor, enhances research, and makes it exploit the natural resources. Most of the developed countries owe it to the advancements in technology.
Works Cited
Caliskan, Hulya. “Technological change and economic growth.” Procedia-social and behavioral sciences, vol. 195, no. 2015, pp. 649-654