Question

What are the foundations of a knowledge economy?

• A. Abundant natural resources
• B. Education, advanced technology, and ICT
• C. Low wages and long working hours
• D. Mass production and exports

Answer 1

Answer:

B. Education, advanced technology, and ICT

Knowledge Economy

• Sector that contributes the most to national income- Tertiary sector

• Sector where knowledge and technology are used effectively to achieve economic growth- Knowledge based sector

• Technopark and Infopark are examples of knowledge-based sector institutions.

• Education, application of advanced technologies and information and communication technology are the basis of knowledge economy.