How does resource allocation considering opportunity costs of production influence the rate of economic growth? Can...
How does resource allocation considering opportunity costs of production influence the rate of economic growth? Can you identify an example of an industry where we have seen rapid integration of technology in the last few decades contributing to economic growth?
Homework Answers
Resource allocation using opportunity cost is great way to identify return on investment into businesses.
For exqmple in India, Telecom industry has been highly indebted and requires massive capital expenditure to sustain. However the bright spot being these massive investment tends to bring large scale returns and great potential to turn the economic growth and also enable other industries to create more potential and geadroom for growth and revenue expansion
Hence opportunity cost of entering the market is compensated by higher economic growth.
In past 3years with advent of 4G in Telecommunications sector it has witnessed rapid consolidation and integration of new age technologies like Artificial intelligence, Blockchain and Machine learning and has helped unlock huge business potential as well as economic value. The sector earlier created 3% of Indias GDP but now contributing 6.2% all thanks to rapid integration of technology and newer use cases coupled with tonnes of investment .
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How does resource allocation considering opportunity costs of
production influence the rate of economic growth? Can...
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questions 16 - 18
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