TECHNOLOGY: is a art to do human work with the help of science and knowledge. 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.
TECHNOLOGY MANAGEMENT :
An integrated application of engineering, science and management capabilities.
Process of MOT includes -Identification of technologies, -Selecting , -Procurement, -Assimilation, -Exploitation of technologies for production of goods and services.
ROLE OF TECHNOLOGY IN BUSINESS PLAN
By above figure we can get an idea that technology is associated with each and every
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Traders in Stocks and forex are able to better analyze and forecast economic trends earlier and with more accuracy. Newer technologies in vehicle engine design are directly because of technology. Fuel cells, hybrids, hydrogen, electric, the alternatives are abundant due to advances in technology. Then there is the whole security/navigation area with GPS for mapping, tracking, and vehicle theft recovery. …show more content…
All this because of emergence of new technology.
Manufacturing
Technology had lead to mass production an very easy task and it leads to saving the time and human energy which was earlier wasted but now with the help of capital intensive techniques human are able to multi tasking.
Role of technology in economic development:-
Importance of Technology :-
In the present age technology is playing very effective role in increasing the rate of economic growth. 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
1. Use of Natural Resources :- Technology helps to utilize the natural resources like land ,material more effectively.
2. 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.
3. Improvement in Quality :-
Technology has improved the quality of goods and services. Now the goods have also been
The period between 1950 and 2000 displayed a remarkable change in scientific and technological innovations that ultimately impacted the U.S. economy. Advancements in computing, aerospace, and manufacturing allowed the U.S. to transform its economy and upgraded the standard of living. Today, this essay will evaluate the extent to which these innovations changed the U.S. economy by explaining the innovation’s contribution to economic growth. The growth of the computing industry was one of the main innovations that shaped the U.S. economy. The development of information technology (IT) allowed for more powerful and faster computers that allowed us to create new industries such as aerospace programs.
As a result, automobile construction became one of the most critical industries in the nation because of all the jobs offered. Automobiles also became the reason there was stimulating growth in many other industries, such as steel and rubber. Another advancement in technology was the radio. The shortwave radio allowed individuals to communicate with one another, marking the creation of the ham radio.
In the Han and Roman empires, technology was an important part of the societies. During these times, people in the Empires supported the influence of technology and developing ways to enhance technology. In different parts of the empires, people did not support the enhancement of technology and thought that it was useless to try and improve technology. People in the Han and Roman empires supported the enhancement of technology. It was said to be an important tool to increase efficiency of the workers and citizens.
Technology can be innovations and inventions that help to accomplish tasks easier. Some examples of technology are agricultural tools, modern computers, electric compartments, etc. In earlier civilizations, the invention of technology itself was a massive part in growing the population and preserving business ordeals like trade. The Han dynasty and the Roman empire both believed technology was essential to their civilizations, but Han China had a positive outlook on labor and its benefits compared to a lesser enthusiasm towards it in Rome. Both the Romans and the Hans admired technology and the people that created it.
For example, the car and cinema industries thrived due to technological progress. As people went to the movies more frequently than before, the film
Advances in technology created new opportunities for business and bolstered the
1.1 Background of the Research Technology has always develop for a long time. Until today, it is still develops at a stunning pace. As a matter of fact, technology has touched every aspect of life; from the way we move by using a horse changed into automobile, from walking on the land to flying in the air and reach farther distance. The products we are using in our daily life also produced by the technology. Under those circumstances, including the economy, politics, and also society, are affected by technology.
This technological revolution facilitated the rapid growth of American industry and commerce, leading to an increase in the standard of living for many citizens. However, the transition was not without challenges, as workers faced new challenges and displacement due to the changing economy. Overall, technology played an essential role in transforming the United States economy during this period, paving the way for continued economic growth and
The world is ever changing through technological advances, innovative ideas and a need to further advance our society. Innovation has become an essential part of society. Individual viewpoints have been provided to understand concepts leading to improvement however the most prevailing viewpoints being that of Gerhard Lenski, Leslie White, and Alvin Toffler. To get a predominant cognizance of these thoughts, it is fundamental to take a look at and get these three viewpoints and the crucial part they play in depicting the improvement for development. Gerhard Lenski specified that technological progress is the motivation behind civilization evolving throughout history.
Technology can be defined as “the branch of knowledge that deals with the creation and use of technical means and their interrelation with life, society, and the environment”. (n.d.) Therefore, when we speak of technological evolution we can say that it is an “innovation and technology related hypothesis that describes the fundamental change of society through technical development”. Different theorists have their own perspective on the evolution of technology but, although each of their views differs from another, they shared certain common features, mechanism, and incidence in technology. Some theorists have developed distinct approaches to understanding the nature of the technological process and the relationship between technological development and the social world.
UNIT DETAILS Unit name: Technology Management Class day :- Tuesday Unit Code: ADM80012 Assignment: 01 due date 27/03/2018 Name of lecturer/teacher: Jason Miller Students Family name Given names Student ID Thakkar Bhavikkumar Maheshkumar 101761502 Declaration and Statement of Authorship 1. I/we have not impersonated or allowed myself/ourselves to be impersonated by any person for the purposes of this assessment. 2. This assessment is my/our original work and no part of it has been copied from any other source except where due acknowledgement is made.
Billions have taken this religion along with their already-held beliefs, practicing both side by side. This new and fast-sweeping religion that we are all a part of is the religion of technology, where people worship the new gods of the internet and the television. Rather addressing it as a whole new religion, perhaps a better perspective might consider the predominance of faith of the late moderns, while talking about technology. Technology is certainly an omnipresent feature of late modern life.
We should not have become way too dependent on technology and let it dominates our lives. Technology has great effects on our lives. It depends on how we use the technology . If the technology is abused by humans that danger lurks in it then it will pose a threat to the humans. Therefore, technology should be a boon to us as via technology people can overcome geographical boundaries via e-mails or text messages.
Technology refers to the use of tools, machines, materials, techniques and sources of power to make work easier and more productive. Apparently, people nowadays cannot live without science technology. There is nothing to puzzle or amaze if the people around the world have a mobile phone. Almost everything around us is the outcome or the wonderful result of technology. Development is closely related with technology.
ROLE OF MONEY IN MACROECONOMICS 1. Introduction Money can be seen as the medium of exchange which is acceptable while transaction is being undertaken between two parties. Some of the common forms of money are: - Commodity money: This is when the value of the good represents its value in terms of money like gold or silver. - Fiat money: This is when the value of the good is less than the value it represents - Bank money: It is the accounting credits that can be used by the depositor Money serves a variety of crucial functions in the economy and this is why it has gained an unparalleled influence in the matters of economy at micro as well as macro levels. Some of the features of money that make it so important for any economy are as follows: