Question

Can technology replace other factors like labour? Is this good or bad? Support your answer with the help of an example.

Answer 1

Yes, technology can replace certain factors of production, especially labour. Modern technologies are often capital-intensive, meaning they rely more on machines and equipment and require less human effort. These technologies can make production faster, more efficient, and improve the quality of products. Many new technologies are also cost-effective and environmentally friendly, which can influence the way goods are produced. However, in a country like India, with a large young population, the growing use of labour-saving technology can make it more challenging for people to find suitable jobs in their preferred fields.