Artificial intelligence is undergoing a paradigm shift from disembodied to embodied intelligence, and understanding its economic impact hinges on how technological form translates into economic mechanisms. Drawing on the general purpose technology perspective, this paper develops an analytical framework linking techno-economic characteristics, production function restructuring, organizational evolution, and industrial ecosystem transformation to examine the economic impact of embodied intelligence as it enters physical production and service settings. Through hardware-software decoupling, modular architecture, task generalization, and feedback learning, embodied intelligence combines algorithmic models, physical embodiments, and scenario data into capability systems that can be deployed on demand and upgraded through use, exhibiting the defining attributes of a general purpose technology: pervasiveness, continuous improvement, and the spawning of complementary innovations. At the production function level, embodied intelligence enters current-period production as a flow of capability services and reconfigures the relations of substitution and complementarity among labor, capital, and intelligent systems; through data governance, model iteration, process restructuring, and organizational learning, operational data are converted into a state of system efficiency, rendering total factor productivity endogenous. At the organizational level, firm boundaries, organizational structures, human-machine collaboration, and managerial functions are reorganized around critical data, model interfaces, scenario knowledge, and learning gains, and the focus of governance shifts from process supervision to system governance and capability building. At the industrial ecosystem level, a layered capability stack is superimposed on the existing chain-based division of labor, and the locus of competition moves toward platform-based capability systems and ecosystem leadership. Prices, algorithms, and rules together constitute a hybrid governance mechanism, and diffusion is jointly constrained by economic costs, technological maturity, scenario fit, organizational absorptive capacity, and institutional conditions.