Technology

Definition

Technology refers to the application of scientific knowledge for practical purposes, especially in industry. It encompasses tools, machines, systems, and methods that enhance production and improve efficiency. The evolution of technology has had a profound impact on various sectors, reshaping industries and altering the workforce landscape in the face of globalization.

5 Must Know Facts For Your Next Test

1. The rise of technology has facilitated the shift from manual labor to machine-based production processes, resulting in significant increases in productivity.
2. Advancements in technology have led to the creation of new industries while simultaneously rendering some jobs obsolete, drastically changing the employment landscape.
3. Globalization has accelerated technological innovation as companies seek competitive advantages through improved processes and products.
4. Communication technologies have transformed how businesses operate across borders, enabling real-time collaboration and decision-making.
5. The integration of technology into business practices has raised concerns about workers' rights and job security as automation replaces traditional roles.

Review Questions

• How has the advancement of technology impacted American workers in terms of job creation and displacement?
  • The advancement of technology has led to both job creation and displacement among American workers. While new industries have emerged that require specialized skills, many traditional roles have been rendered obsolete due to automation. This dual effect creates a challenge for workers who may need retraining or upskilling to adapt to the evolving job market, highlighting the need for education systems to respond to these changes.
• Analyze the role of information technology in enhancing global supply chains and its implications for American industries.
  • Information technology plays a crucial role in enhancing global supply chains by enabling seamless communication and data sharing among stakeholders across different regions. This connectivity allows American industries to optimize operations, reduce costs, and respond quickly to market demands. However, it also increases competition from international markets, compelling domestic businesses to innovate and adapt to maintain their positions.
• Evaluate how technology influences economic inequality among workers in a globalized economy.
  • Technology significantly influences economic inequality among workers in a globalized economy by creating a divide between those who possess the skills needed for high-tech jobs and those who do not. Workers with advanced technological skills often find better-paying opportunities, while others may struggle with lower-wage jobs that are more susceptible to automation. This disparity highlights the importance of access to education and training programs aimed at equipping all workers with necessary skills to thrive in an increasingly tech-driven market.

Related terms

Automation: The use of machines or technology to perform tasks that were traditionally done by humans, often leading to increased efficiency and reduced labor costs.

Information Technology (IT): The use of computers, software, and networks for storing, retrieving, and sending information, which plays a crucial role in modern business operations.

Global Supply Chain: A network of suppliers, manufacturers, and distributors that spans across different countries, influenced heavily by advancements in technology that streamline logistics and production.