Human Factors In Technology

Human Factors in TechnologyThe exponential development of engineering is ineluctably the result of the global linking of merchandises , the increasing fluidity of working crownwork , and to a greater extent the advance of human friendship . herein , the value placed by humans on applied science in recent years has been arise , perhaps because engineering increases fruitivity and overall the efficiency of firms operating in a free- foodstuff governing body . Perhaps , the rising cost of brio in the cities stimulated the advance of technology , for in an open-market trunk , the clandestine sector is the one regenerating capital at the low possible cost and as such newborn technologies sheer the cost of production . Although this may be an understatement , for former(a) variables former(a) than stinting may play a signi fi give the sackt function in enhancing growth in technologyRole of Technology in Introducing novel Products to ConsumersIn a free-market system , theoretically , the consumer dictates the goods and service to be matured by the market . The only function of the market is to determine the art gallery of equilibrium of supply and direct Demand is the number of goods and go the consumers wants and is volition to purchase . Supply is the available goods and work that firms argon willing to supply given the market price . When the signalise of equilibrium is determined , the consumers and the producers would benefit from the transactions , and thus the possible difference deadweight loss to the society is more or slight culmination to zeroIn the real world however such race is misty by many factors First , firms discover products to the market through and through what we call advertisements Advertisement serves as a propaganda tool for the firms in to encourage pot ential consumers to buy their newly introdu! ced products in the market . In a way , the firms ar creating demand to the consumers . This demand becomes elastic , in a disposition that consumers would be willing to purchase the good when its effectivity is provenWhere is wherefore the role of technology in this scenario ?

It should be noted that in for the firm to introduce new products to the market , it must(prenominal) mark off its production methods from its front blueprints . In short , there must be a change in production methods which is a function of technology . Advances in technology , through R D , potentially alter the production techniques the firm us es . The meaning is that the firm back tooth now produce new products (goods and services ) that the public demanded This butt on of product alternation will last result to further product alternation , for in a free-market system , competition would drive other firms to develop technologies that are further more efficient than the inaugural firmAccording to Keynes (1936 , on the production boldness , advances in technology tail increase the potential PPF (Production Possibilities restraint ) of the firm . Production Possibilities Frontier is the amount of goods and services that a firm can produce given a flash-frozen level of labor and capital using an existing technology . In this scenario , the firm can increase its PPF either by increasing the level...If you want to set about a teeming essay, order it on our website: OrderCustomPaper.com

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