Question

15 IULICULUI
How has the world economy taken the shape ? What
is the contribution of technology in shaping it?
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Answer 1

Answer:

Technology has deeply affected the global economy and its usage has been linked to marketplace transformation, improved living standards and more robust international trade. ... Technological advances have significantly improved operations and lowered the cost of doing business.Advancements in the computer industry, coupled with advancements in telecommunications, have increased job opportunities and strengthened economic growth.

All physical barriers to communication over distances have been properly overcome by the internet. In a similar way, manufacturing and consumer goods companies have developed online links to their suppliers and customer support. Suppliers can keep track of production line efficiencies through automated systems and can more efficiently ship parts and materials to the required locations, reducing inventory and downtime. In addition to that ecommerce and online banking capabilities have also helped reduce the cost of doing business.