Principles of Microeconomics, 7th Edition

Published by South-Western College
ISBN 10: 128516590X
ISBN 13: 978-1-28516-590-5

Chapter 1 - Part I - Ten Principles of Economics - Problems and Applications - Page 18: 10

Answer

We are more productive with our work because we have more sophisticated technology. The average income of people has risen. These changes have happened because of an increase in our productivity.

Work Step by Step

Productivity has risen over time due to changes in technology.
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