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Technology And Economic Development Essay

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Q2. Explain and discuss the role of technology in the overall business strategies of a firm as well as for the development of economy? How does technology affect the business plan of a company? Support your answer by taking the example of any two companies of your choice?

Answer
Meaning of Technology :- The technology is defined as the body of knowledge which can be used to produce goods and services from economic resources. Technological progress means the increased application of new scientific knowledge in the form of inventions and innovations.
The word ‘technology’ comes from two Greek words – ‘techno’- the skill or craft needed to make something and ‘logos’ (discussion or knowledge of something). So technology means knowledge of how something is made.
Technology management however a part of total …show more content…

Today each country considers it is the basic tool of economic development. Only capital cannot bring development in the country. It is technical progress along with capital which can boost the rate of economic growth. The impact of technology can be judged by the following facts :
1. Use of Natural Resources : Technology helps to utilize the natural resources like land ,material more effectively.
2. Best Use of Capital: Technology improves the marginal efficiency of capital. It helps to increase the output rate of capital. It makes the capital more productive and profitable.
3. Saving of Time :-As the demand of any commodity increases, the supply can be produced in short period of time. So it has saved the time of the producer.
4. Specialization :-Technological progress has increased the specialization and division of labor in all the sectors of the economy
5. Improvement in Quality:- Technology has improved the quality of goods and services. Now the goods have also been

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