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Factors Influencing the Choice of Techniques in Economics

Presentations | English

The choice of appropriate technology in underdeveloped countries is a difficult job. It is not possible to suggest a uniform pattern of technology for all the underdeveloped countries. They differ widely from each other in regard to factor endowments, level of income and capital formation, demographic patterns, institutional arrangements and stage of economic development. Therefore, it is possible to lay down certain consideration, which must be kept in mind, while making a choice of technology in a country. The objective of development is a vital determinant of the choice of technique. Maximization of employment, Maximization of investment, Maximization of output at lowest possible cost, freedom from dependence upon other countries, etc. The prevailing factor endowment in a country determines the type of technology that will be suitable for that country.

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Lumens

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Lumens

PPTX (15 Slides)

Factors Influencing the Choice of Techniques in Economics

Presentations | English