Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Explore our Q&A platform to find in-depth answers from a wide range of experts in different fields. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

How does technology affect the unemployment rate?



Sagot :

Introduction of new technology has a direct impact on the unemployment rate in an economy. We can say they have an inverse relationship with each other.
Say, a new machine is introduced in a manufacturing industry which can produce a given product in lesser time than the time a worker would take to produce. In such cases, machine will replace man power and thus unemployment would increase.