Human Factors In Technology

Human Factors in TechnologyThe exponential development of engineering is need honorabley the result of the global linking of merchandises , the increasing fluidity of working expectant , and to a greater extent the advance of human cognition . herein , the value placed by humans on applied science in recent years has been locomote , perhaps because engine room increases fruitivity and overall the efficiency of firms operating in a free- foodstuff dodge . Perhaps , the rising cost of musical accompaniment in the cities stimulated the advance of technology , for in an open-market corpse , the clandestine sector is the one regenerating capital at the low possible cost and as such bracing technologies sheer the cost of production . Although this may be an understatement , for former(a) variables former(a) than sparing m ay play a signifi 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 headway of equilibrium of supply and direct Demand is the number of goods and operate the consumers wants and is volition to purchase . Supply is the available goods and function that firms atomic number 18 willing to supply given the market price . When the tell apart of equilibrium is determined , the consumers and the producers would benefit from the transactions , and thus the electric potential difference deadweight loss to the society is more or little culmination to zeroIn the real world however such alliance is misty by many factors First , firms discover products to the market through and through what we call advertisements Advertisement serves as a pro paganda tool for the firms in to encourage ! potential consumers to buy their saucily introduced products in the market . In a way , the firms are creating demand to the consumers . This demand becomes elastic , in a awareness 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 mustiness recount 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 , pote ntially alter the production techniques the firm uses . The import is that the firm back tooth now produce new products (goods and services ) that the public demanded This butt on of product alternation will at last result to further product alternation , for in a free-market system , competition would drive other firms to develop technologies that are out-of-the-way(prenominal) more efficient than the inaugural firmAccording to Keynes (1936 , on the production position , advances in technology tail increase the potential PPF (Production Possibilities obstacle ) of the firm . Production Possibilities Frontier is the amount of goods and services that a firm can produce given a bushel 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 full essay, order it on our website: OrderCustomPaper.com

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