Every technological system makes use of seven types of resources: people, information, materials, tools and machines, energy, capital and time. Since there is limited amount of certain resources on the earth, we must use these resources wisely.
How can technology and availability of resources on time develop a nation?
Resources where acts as raw materials for various tasks we perform in our day to day life while technology helps humans to utilize these resources most effectively. Thus basically technology and availability of resources boosts the economy of a Nation, which is the necessity of any Nation’s development.
How does technology affect natural resources?
Resource depletion is another negative impact of technology on the environment. It refers to the consumption of a resource faster than it can be replenished. Natural resources consist of those that are in existence without humans having created them and they can be either renewable or non-renewable.
What is the role of technology in the development of trade in goods and services?
Technology is a key factor that drives productivity growth and global market competition and defines global value chains. Technological innovation spawns new businesses and shapes the nature of international competition and international trade.
How do technological developments affect the society and environment?
Some technological decisions put environmental and economic concerns in competition with one another, while others have positive effects for both the economy and the environment. Reusing, recycling, and using fewer resources can reduce environmental impacts.
How technology is improving the standard of living in developing countries?
Advances in technology are often linked to increased levels of income, which can improve living conditions and long-term prospects in poorer countries, while on an even broader scale technology can improve livelihoods by increasing food production.
How is technology playing an important role in developing countries?
Other ways that technology is helping economies in developing countries include reducing the costs of production, encouraging the growth of new business and advancing communication. It is important for organizations to monitor technology and to encourage innovations and job creation in order to solve these issues.
How is technology contributing to increased trade and globalization?
Technological advancements reduce costs of transportation and communication across nations and thereby facilitate global sourcing of raw materials and other inputs. Patented technology encourages globalization as the firm owning the patent can exploit foreign markets without much competition.
How does technology affect growth?
Advances in digital technologies hold considerable potential to lift the trajectory of productivity and economic growth, and to create new and better jobs to replace old ones. As much as two-thirds of potential productivity growth in major economies over the next decade could be related to the new digital technologies.
Do you think technology plays important role to community development?
Technology, wisely selected, applied and accepted by the local culture, ensures improved economic and social infrastructure. For any successful economy, technology becomes a catalyst for social change. The role of technology in community development is to give power and a voice to people within the larger ecosystem.