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How Well Does Economic Theory Describe the Nature And Consequences of Technological Change - Essay Example

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This paper seeks to discuss and analyze economic theory on how it could describe the nature and consequences of technological changes. It posits that technological changes are readily visible effects of the ever occurring trade off between limited resources and the unlimited needs and wants of mankind…
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How Well Does Economic Theory Describe the Nature And Consequences of Technological Change
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"How Well Does Economic Theory Describe the Nature And Consequences of Technological Change"

Download file to see previous pages This essay stresses that companies resort to make or build competitive advantages around the world to become increasingly innovative in the manner that they conduct their operations and services. Even the public sector which has been traditionally been protected from the pressures that their private counterparts, they too need to innovate on how to deliver efficiency in their operations.
This paper makes a conclusion that economic theory admits the scarcity of resources but with unlimited needs and wants.
To bring equilibrium on the competing forces of supply and demand is the price which actually measures the value. Firms do not simply produce the sake of producing. They are also influenced by value as measured by price which will give them profits over the cost that that they have spent. With the opportunity cost of investments they sourced from different investors and creditors, they need to operate with profits. Seldom however that they will not have competitors in the market, hence in their struggle to compete, they make use if not embrace of technology to stay in the course of business while the unlimited needs and wants and consumers get partially satisfied and which keep going while alive to keep producers also producing goods and services, which must use technology to survive. A change then in technology is unending because of the unlimited needs and wants of consumers. ...Download file to see next pagesRead More
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