way to produce and sel for iess Choice of Production Technology A firm can perfo
ID: 1141655 • Letter: W
Question
way to produce and sel for iess Choice of Production Technology A firm can perform many tasks with a range of combinations of labor and physical capital. For example, a firm can have human beings answering phones and taking messages, or it can invest in an automated voicemail system. A firm can hire file clerks and secreta to manage a system of paper folders and file cabinets, or it can invest in a computerized recordkeeping system that will require fewer employees. A firm can hire workers to push supplies around a factory on invest in robots that carry materiats without a driver. Firms often face a choice between buying a many small machines, which need a worker to run each one, or buying one larger and more expensive machine, which requires only one or two workers to operate it In short, physical capital and labor can often substitute for each other ries roling carts, it can invest in motorized vehicles, or it canExplanation / Answer
Answer:
The passage highlights how machines can substitute for labour force. The modernization of production process has been replacing workers with machines. The interesting thing I summarize from the passage is that how the choice of production of technology is going to create “technological unemployment” in our economy. In the name of adopting modern techniques and reducing our present production cost we are not realizing the losses we are going to bear in the future. The adoption of techniques in the production process by replacing large number of labours is going to affect our whole economy adversely.
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