Human Factors In Technology

Human Factors in TechnologyThe exponential development of engineering is needs the result of the global linking of merchandises , the increasing fluidity of working ceiling , and to a greater extent the advance of human friendship . herein , the value placed by humans on applied science in recent years has been acclivitous , perhaps because technology increases fruitivity and overall the efficiency of firms operating in a free- foodstuff ashes . Perhaps , the rising cost of accompaniment in the cities stimulated the advance of technology , for in an open-market strategy , the clandestine sector is the one regenerating capital at the low possible cost and as such bran-new technologies sheer the cost of production . Although this may be an understatement , for former(a) variables former(a) than scotch may play a sign ifi 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 bearing of equilibrium of supply and direct Demand is the number of goods and work the consumers wants and is volition to purchase . Supply is the available goods and serve that firms be willing to supply given the market price . When the pick up 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 potenti al consumers to buy their impudently introd! uced products in the market . In a way , the firms be creating demand to the consumers . This demand becomes elastic , in a brain that consumers would be willing to purchase the good when its effectivity is provenWhere is accordingly 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) stigmatize 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 th e firm uses . The signification is that the firm back tooth now produce new products (goods and services ) that the public demanded This butt on of product alternation will eventually result to further product alternation , for in a free-market system , competition would drive other firms to develop technologies that are farther more efficient than the inaugural firmAccording to Keynes (1936 , on the production position , advances in technology tail increase the potential PPF (Production Possibilities rampart ) of the firm . Production Possibilities Frontier is the amount of goods and services that a firm can produce given a pertinacious 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 all-inclusive essay, order it on our website: OrderCustomPaper.com

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