In economics, a technological change is an increase in the efficiency of a product or process that results in an increase in output, without an increase in input. In other words, someone invents or improves a product or process, which is then used to get a bigger reward for the same amount of work.
Depending on when the word technology is used, technology is: The tools and machines that help to solve problems or do new things; ... In economics, technology is the current state of our knowledge of how to put resources together to produce wanted products (and our knowledge of what can be produced).
First, the evolution of technology is beneficial to humans for several reasons. At the medical level, technology can help treat more sick people and consequently save many lives and combat very harmful viruses and bacteria. ... Technology has also increased the productivity of almost every industry in the world.
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