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How Does Technology Affect The Economy

771 words - 4 pages

Throughout recent years, technology has advanced majorly causing the economic world to progress. The economy can propsper from technology in a multitude of ways. Technology has increased efficiency and production. Therefore technology has increased product levels. When product levels increase, so does the economic prosperity. As technology becomes more progressive, the economy will improve in many ways as well.
One way technology has increased is through machinery. This can be exampled through a multitude of machines. There is machinery used in manufacturing like agriculture, factory work, almost everywhere type of company today. This machinery increases productivity in the ...view middle of the document...

As long as good economic decisions are being made about online shopping, it is helping the economy in and advantageous way.
Technology has vastly improved the working world. Advancements in computers, smartphones, and much beyond that have helped in numerous ways. A phone can now do email, talking, texting, games, music, and beyond. It is a multi-tasking, which is what the current working world is looking for. Multi-tasking increases productivity, increasing profit. The productivity of many companies may improve from all the technology improvements. It also helps with the competition against other companies. With the availability and simplicity to look information up, businesses are able to compete in new advances. In this sense, technology is clearly beneficial.
Although technology has many important advantageous parts, it also has a down side. Several jobs have been lost because of the technological advances today. One machine can now do the job of several people. Human workers also can cause problems and make mistakes in the process. This causes businesses to avoid hiring workers, although skilled, more expensive. With some businesses that are prospering, the more technology there is, the business improves more causing there to be more people hired. However, sometimes it works the other way. For example, an ATM machine has replaced many bank...

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