Technological Change & Its Impact on Business
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Transcript of Technological Change & Its Impact on Business
Technological change and its impact on businessName: Mahamid RahmanID: 15264031
Technology
Technology is defined as the sum of knowledge of the means and methods of producing goods and services.
Technological change
Introduction of new products Change in methods and organization of
production Changes in the quality of resources
and products New ways of distributing the products
and new ways of storing and disseminating information
Information Technology AND It’s Effect
Advances in information technology have many impacts upon business.
1. Administration.2. Communication.3. Production.4. Storage and distribution.5. The Internet.
Technology and Investment
There is an important relationship between investment and technological change which runs in both directions
Investment can form the basis of improvements in technology while improved technology which brings about new ways of producing goods will lead to greater investment
Innovation and Technology There are two types of innovation that
can occur as a result of technological change:
Product Innovation and Process Innovation.
Research and Development Research can be theoretical or applied, and
development refers to the using of the research in production process.
It is designed to develop new products and production process which will render production more profitable. It is also aimed at improving existing products and process.
Limits to technological change
Technological change has effects on: The economy and The environment High levels of unemployment The exhaustion of natural resources.
Conclusion
Literally and practically technological change has a very big impact upon the world of business. Investment Economy and Rate of economic growth