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 faci…