Q.Explain the determinants of economic growth and development.

Science and technology is systematic knowledge applied to production. It drives development by raising productivity, creating new products and industries, improving quality, cutting costs and enabling efficient use of resources.

This is a 2-mark short note in AP Intermediate 2nd year Economics, linked to the determinants of growth and development, treated in line with the NCERT/CBSE curriculum.

Meaning and role. Science is the systematic study and knowledge of nature, while technology is the application of that knowledge to produce goods and services. Together, science and technology are a major determinant of economic growth and development. They raise productivity in agriculture (improved seeds, fertilisers, machinery, irrigation) and in industry (modern machines and processes), create entirely new products and industries (such as electronics, computers and biotechnology), improve the quality of goods, reduce costs of production, and allow natural resources to be used more efficiently and sustainably. Advances in science and technology also impro …

Science and technology drive economic development by raising productivity, modernising agriculture and industry, creating new products and processes, and allowing fuller and more efficient use of resources. A country that advances in science and technology grows faster and attains higher living standards. This is an AP Intermediate 2nd-year Economics topic on the determinants of growth.

Science and technology refer to the body of knowledge and its practical application in production and daily life. They are among the most important determinants of economic growth and development for the following reasons:

1. Higher productivity. New techniques and machines raise the output of land, labour and capital, so more can be produced from the same resources.
2. Modernisation of agriculture. Improved seeds, fertilizers, irrigation and machinery increase farm output, as seen in the Green Revolution.
3. Industrial progress. Technology enables mass production, better quality and new industries, strengthening the manufacturing base.
4. Creation of new goods and services. Research and innovation give rise to new products, industries and employment, for example in information technology.
5. Efficient use of resources. Technology helps discover, process and use natural resources better and reduces waste. …