Innovations that improve efficiency or production are developed by individuals but become widespread once other people see their benefits. Once a technology or process proves successful, it spreads and changes the ways people live and work. Over time, the effects of these changes improve the quality of human life. The Agricultural Revolution involved inventions such as Jethro Tull’s seed drill and new practices such as selective livestock breeding. These innovations caused a massive increase in food production. In turn, the growth in food production led to a huge population increase.
Many companies today hire employees that are located in other countries. Using communication vehicles such as video calling make it simple to converse with colleagues across the globe, almost making it feel as if they are in the same room. Technology also makes it easier to connect with suppliers and customers all over the world, and to streamline those relationship through improves ordering, shipment tracking and so on. With this kind of communication technology, many businesses are able to take advantage of opportunities in different countries or cities, improving the economic outlook on a global level.
Thanks to global communications, information itself can be transferred as a valuable business asset from one country to another. This has the effect of making everyone's operations more modern and efficient, regardless where they are located.
Petroleum. Saudi Arabia's economy is dominated by petroleum and related industries. Saudi Arabia is #1 in the world in terms of oil reserves, with roughly one-fifth of all known reserves.
