which of the following is a way that science and the economy interact


which of the following is a way that science and the economy interact

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Euphemia 6 months 2021-07-15T19:47:56+00:00 1 Answers 28 views 0

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    You didn’t add the choices but I’ll add some ideas anyway.


    Let’s start with perhaps the most obvious impact of science on the economy: technology. Scientific discoveries lead to the development of new technologies, which then enter into international markets as highly desirable products.

    While humans have always traded technologies, the relationship between technological development and economic growth really dates back to the Industrial Revolution of the 18th and 19th centuries. This was the first time that products were being produced on a massive scale, and it was new technologies in steam engines that allowed this to happen.

    As people produced more goods, they developed more complex networks of economic exchange across the world. In fact, our modern ideas about free-market economies and capitalism actually date back to this same time period.

    Our modern technologies and our modern economies developed simultaneously. We couldn’t have one without the other. Today the United States’ economy is very largely dependent on the exportation of communications and digital technologies. Its place in the global economy is not defined by its agriculture or raw products, but by its technologies.

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