Technological environment - Commerce Commerce Notes | EduRev

Commerce : Technological environment - Commerce Commerce Notes | EduRev

The document Technological environment - Commerce Commerce Notes | EduRev is a part of Commerce category.
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Technological environment refers to the state of science and technology in the country and related aspects such as rate of technological progress, institutional arrangements for development and application of new technology, etc.

According to the well known economist J.K. Galbraith, technology means, “systematic application of scientific or other organised knowledge to practical tasks”.

Technology comprises of both machines (hard technology) and scientific thinking (soft technology) used to solve problems and promote progress. It consists of not only knowledge and methods required to carry on and improve production and distribution of goods and services but also entrepreneurial expertise and professional know how. Technology includes inventions and innovations.

The main features of technological environment are as follows :

  • Technological environment is a component of macro or indirect action environment.
  • Technological environment changes very fast.
  • Technological environment affects the manner in which the resources of the economy are converted into output.
  • Technological environment is self reinforcing. An invention in one place leads to a sequence of inventions in other places.
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