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How Technology Can Affect Our Economy?

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Matthew Crist answered
Advances in technology affect almost every aspect of our lives on a daily basis. In the past 20 years or so, everyone's life has been changed due to the ownership of mobile phones and computers which are connected to the Internet. Almost 1 in 5 people are connected to the Internet now and mobile phone ownership means that most of us are in contact or are able to be contacted 24 hours a day.

It is not just individuals who are affected by announcements in technology; companies, business and even governments have embraced modern technology and this all has a bearing on the economy of a nation.

Using the example of mobile telephones, for all the many millions of mobile phones which are owned, they all need to be manufactured. Companies employ thousands of employees to research and design the latest handset models and with such fast technological developments, this turn around can be a very quick process. The phones also need to be built, which also provides jobs for workers, not to mention the many service providers, who all have customer service operatives, shop workers and engineers.

All these employees generate income and that income will eventually work its way back into the economy, either in money being spent by the companies and the staff and the tax which is paid on wages and fees.

If the same principle is applied to televisions, radios, DVD players, not to mention all the other equipment which can be found in the typical modern household, you'll see how it can all have a huge positive impact on a nation's economy. If a company exports products to other nations, this will also generate income for that business, which will again filter back into the financial infrastructure of a country.

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