Ephy
Active member
Technology refers to the skills used in production or refers to advanced scientific knowledge used for practical purposes. This environment is represented by the use of improved equipment and machines. The use of modern methods of production enhances production of goods and services and reduces the cost of production. With the improved technology, new products and better products are produced.
Consumers tend to go for goods and services produced by firms that are using modern technology because they are cheaper and of better quality. New technologies affect a business positively or negatively but mostly it's positively. A business needs to adopt to new technology in order to remain relevant and competitive.
Consumers tend to go for goods and services produced by firms that are using modern technology because they are cheaper and of better quality. New technologies affect a business positively or negatively but mostly it's positively. A business needs to adopt to new technology in order to remain relevant and competitive.
