The technological environment is perhaps the most dramatic force that creates new technologies, creating new product and market opportunities.
Technology has released such wonders as antibiotics, robotic surgery, miniaturized electronics, smartphones, and the Internet. It also has released such horrors as nuclear missiles, chemical weapons, and assault rifles. It has released such mixed blessings as the automobile, television, and credit cards.
“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.”
The technology consists of both hard technology (machines) and soft technology (scientific thinking) applied to solve problems and foster progress. It includes not only the methods and knowledge needed to run and develop goods’ and services’ production and distribution but also the professional know-how and entrepreneurial expertise. Technology means both innovations and inventions.
The chief characteristics of the technological environment are mentioned below:
- It is an element of indirect action or macro-environment.
- It changes very fast.
- It affects how the economy’s resources are transformed into output.
- It is self-reinforcing. One invention in a place leads to a series of inventions in other places.
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