how did technology revolutionize economics in the world’s economies

Answer 1

In modern times the recent development of information technology and digital tools has helped spread communication and information dramatically, changing the way the economy behaves. The ability for buyers and sellers to reach each other electronically has both connected more and more people around the world as well as speed up the movement of money and information. In earlier periods of history, the industrial revolution of the 18th/19th centuries dramatically increased production of goods through new machines such as the steam engine or cotton gin, discoveries in electricity, the creation of steamboats, trains/railways, etc. These allowed greater travel and faster production of goods that used to be made by hand. Even earlier, the agricultural revolution of ancient times (dated initially around 8,000 b.c.e.) allowed for the settlement of communities around farming and crop growth in amounts that allowed for backup reserves of food, tools, etc. This allowed people who used to move around for hunting and gathering to settle down, create villages, crafts, and arts. These are just some notable moments in History where technology greatly impacted economics and society.