Factors of Production — Social Studies STD 8 — Question

Yes, technology can replace other fac¬tors of production like labour. The modern technologies are capital¬intensive and they demand less human labour. These technologies facilitate efficient and faster production process, boosting the productivity and product quality. New technologies are usually eco-friendly and cost-efficient which affect the proportion of the finished products. India has 66% of young population and it has become very difficult for everyone to secure a job in a desired field as the new technologies fosters less labour intensive systems.