How Has Technology Affected the Economy Check All That Apply

How Has Technology Affected the Economy Check All That Apply.

The following three points highlight the acme three impacts of engineering on environs.


Touch on # 1. Technology and Lodge:

The most dramatic influence of engineering science has been felt on society. Technological development affects life of every man.

The effects of technology on society tin can be studied as under:

a. Consumers’ Expectations:

High expectations of consumers pose a challenge to business community. It provides opportunity to the concern houses. Consumers expect that new varieties of products, superior in quality, gratuitous from pollution, more condom, more comfortable should be produced and supplied to them at a short notice of time.

b. Relationship between Business and Technology:

Technology’south effect can exist felt through business. Scientific discoveries accept lilliputian or no significant unless there are competent business units to produce for people what science has discovered. Society depends on business organisation to keep the stream of discovery flowing into useful goods and services for mankind.

If there are no business institutions, new discoveries would, remain mere ideas in listen, sketches on paper or models in laboratories. Therefore a business and technology are closely related to each other.

c. Social Changes:

The role of technology on social change can be examined in the post-obit ways:

(i) Technological change sometimes socially uproot the population and people drift about in search of new centres of employment. Sometimes, this drafting may issue in a new geographical distribution of population.

(ii) Technology straight changes the blueprint of the social life. Technological advocacy tends to remove social differences, the differences between sexes and between parents and children.

(three) Applied science flows to less developed countries mainly through MNCs. With vast resource at their common. MNCs accept carved places and images for themselves distinct from local companies. People who are associated with the MNCs are better paid than the people working with the local companies. These people conduct like a course apart by themselves.

(four) In the concluding, our twenty-four hours to day life is affected by the engineering. Even the language we utilize is changing. New terms continue to emerge. It is correctly said that words are the budges of social change. When our language changes, behaviour will not exist far backside.

d. Complexity of Arrangement:

Technology has made the system more circuitous. Though the modern machines work faster and meliorate. But they fail often considering of their complexity. Eventually applied science might pb to simplicity and pocket-size independent operational units, who work to fulfill of dreams of a mutual man.


Impact # two. Technology and Economic system
:


The bear on of technology on economy can be reviewed as stated below:

a. Qualitative and Quantitative Increase in Productivity:

The most meaning impact of technology is greater productivity. The example of quantitative increase is more than production at less cost. In a hospital, the outcome may be qualitative such as maintaining electronic monitoring equipment regardless of its cost.

As a result of increase in productivity, existent wages of employees increase and prices of some products decline. Thus the benefit of technology spreads throughout the whole social arrangement. This results in the demand for more than technological advocacy.

b.

Need to Encourage Enquiry and Evolution:

Instead of importing and ownership technology, the Governments in the developing countries should favour research and development regarding science and engineering. The institutions and researchers should exist encouraged to observe our innovation technologies which could make the country self relevant and reduce vulnerability making the maximum use of ethnic resources.

Information technology should arrange for modernisation of both equipment and engineering.

At the same time, the Govt., should sponsor the researchers, students and managerial staff to visit abroad and become preparation because it will aid in bringing strange technology at habitation. It should ensure availability of technology to all segments of the society.

The R&D wing should be established by the government every bit it could provide vital inputs to both large and pocket-size scale industries. This wing could help co-ordinate to the nation’southward specific weather. In that location is a strong example for developing labour intensive technologies in all labour surplus backward economies.

c.

More than Intellectual and Upgraded Jobs:

A job which was before handled by an unskilled worker, now requires the services of an educated and competent worker. Office jobs at present need the services of computer experts. Thus the technological development has fabricated the jobs more than intellectual and upgraded.

Some workers will be dislocated unless they are well equipped to work on new machines. This makes it the duty of the businessman to retain the employees. For those, who pickup and accustom themselves with new engineering science, the job opportunity should be given in priority basis.

d.

Need for Highly Professionalised and Knowledgeable Personnel:

Not only jobs get more than intellectual, even the employees tend to go more professional. The organisation shall need scientists, engineers and highly skilled workers on its payroll. The organization can boast of a progressive and modernistic personnel.

Merely motivation of such jobs is a difficult task. They volition need attractive remuneration, job security and simply treatment. Task retention of such employees is some other hard task. The company has to make several efforts to discourage shifting of jobs by professionalised employees.

e.

Demand for Bio-Professional and Multi-Professional person Managers:

Persons who assume charge of the administration are required to exist qualified in management education in addition to the proficiency in chosen fields of specialisation. Today’southward business needs bio-professional and multi-professional managers.

f.

Government Regulations and Public Opposition:

Another impact of technological development is the ever-increasing regulations imposed on business by the Government and stiff opposition grade the public. Government has the power to investigate and ban the products which are harmful for a section of society.

Sometimes these developments invite stiff opposition from public who fear that new innovations are a threat to environmental, privacy, simplicity and even the man race. Just the public must exist enlightened that the technology in not always harmful. It can be corrective as well as curative as well.

yard.

Clamorous Demand for Capital:

Today’s technology is characterised past its insatiable demand for capital. Huge investment of coin is required for:

(i) Acquisition or discovery of new ideas & their adoption.

(ii) Education and training of the managers and other related employees.

(three) Several other related areas.

Business organisation organisation should not only raise huge amounts of capital, but proper utilisation of the funds for gainful purposes is besides a must. This calls for an efficient and effective fiscal direction along-with qualified and competent financial managers.

h. Impact of Changes on Products and Organizations:

Technology refers to alter and more change. This poses another throat to business community. A new technology may develop a new industry but destroy an existing one.

In this changing globe, every product is like a mortal human, subject to a life bicycle as shown in the diagram:

Fifty-fifty the arrangement which is associated with a particular technology will take the same life pattern as that of the technology.

The use of such an organisation will have the following stages:

In this viii pace sequence an organisation takes nascence, dies and has its last rites. Thus a new technology accept ii side of coin which is creative as will subversive.

i. Redefinition of Business concern Boundaries:

(i) Technological modify may augment or narrow generally accepted industry boundaries.

(ii) Technological changes affect the individual companies likewise in the manufacture. Due to these changes, the companies may notice themselves in different business.

(three) Technological changes also give rising to product substitution and product differentiation.

(four) For multiproduct companies, technological change may accept multiple impacts. Technological changes can create new things and obsolete the existing ones. Thus technological change influences industry boundaries and structure, production commutation and differentiation, price and quality relationship between products.


Impact # 3. Technology and Found

Level Changes:


a. Impact on Organisational Structure:

Engineering in an organization volition accept significant impact on the arrangement structure, length of the line of command and bridge of command of the primary executive. No doubt, other factors also influence the organisational structure only the impact of technology is virtually considerable.

b. Import of Technology:

For the concern houses who wish to import technology, there are additional problems. They will have to provide for the training of technicians and supervisors, testing and replacement of raw materials and parts, which are non available locally.

Moreover, the adult countries may not exist willing to lend the technology. They will never pass on the key engineering science such as design know-how, which will aid the importing country.

The applied science which the developed countries are willing to lend is express in telescopic and is mainly aimed at exploiting the markets in which they are interested. Let united states of america assume that at that place are foreign companies who are willing to transfer the technology, at that place is still the trouble relating to choosing a correct collaboration and obtaining clearance from Government.

c. Total Quality Direction (TQM):

TQM has been introduced in well-nigh all the organisations. TQM means total commitment of an organisation to quality.

Information technology has the following principles:

(i) Meet the consumers’ requirements on time, the first time and 100% of the fourth dimension.

(ii) The work should be error free.

(3) To follow the policy that prevention is improve than corrections.

(iv) To measure out the cost of quality.

d. Business Process Reengineering (BPRE):

Michael Hammer is the father of this process named BPRE which essentially involves considering how things would be washed if the organisation were to offset all over from the scratch. BPRE helps the organisation in cutting down its costs, eliminating wastes and in improving its quality.

This concept is considered essential in modern competitive globe. BPRE will touch the employees considerably because at present the jobs volition require wider range of skills, more interaction with customers and suppliers, greater challenge, increased responsibilities; just we should think that its toll is very higher.

eastward. Flexible Manufacturing Organisation:

Under FMS machines are designed to produce batches of different products with flexible manufacturing.

When management wants to produce a new part, it does not change machines, it needs to alter merely the reckoner programming because a unique feature of FMS is the integration of computers aided designs, engineering and manufacturing with this they on product low volume products for consumers at a cost comparable to what had been previously possible through mass product.

Under FMS, workers and employees will need more than preparation and college skills. Moreover, information technology will need the total restricting of the organisation then that the potency could exist decentralised into the easily of the operating teams.


How Has Technology Affected the Economy Check All That Apply

Source: https://www.economicsdiscussion.net/technology/impacts-of-technology-on-society-economy-and-plants/13163