How advances in telecommunication and new technology significantly contribute to economic growth over time can effects production possibilities?
Advances in technology and telecommunications greatly impact economic growth. New features are being developed every year that is driving up the price of cell phones, internet speeds, satelitte and digital cable features. Consumer spending is the key to staying out of the recession. Have you noticed how many people have cell phones now as compared to 10 or 20 years ago? The rates are off the charts. This money for phones and other services are always circulating through the economy. It effects production possibilities positively. It gives millions of jobs as well.
