Question

Explain the importance of technology, economics, and social acceptance in efficiency gains. Be explicit as to what each means.

Answer 1

* Technology provides us with faster processing of data and they reduce physical employees. Mistakes are less and completion of a task takes lesser time. Technology increases the productivity of every industry in the nation. It helps in storage and sharing of information. It plays a vital role in automation and communication areas. Technology provides benefits such as organization, virtual experiences, collaboration, etc..

* In Economics, a person is efficient he is in a position such that he cannot be made better off without making someone else worse off.Here production of goods is at its lowest cost. When an economy is efficient, any changes made to assist one entity would be harmful to the other.

Creation of wealth can be increased by adequate efficiency of resources like men, raw materials, capital, and energy. The ultimate aim is a sustainable world by preserving the ecology which makes a nation prosper by improving efficient use of its resources.

* Social acceptance is the main objective of large companies to attain sustainability in every field. Having a strong bond of support among tge community fosters physical and emotional health. Being sociable requires consistency and practice. Social acceptance plays the important role as considered to an industry than the profit.

This may be because the after effect of NGOs or Mediason sustainable activities of industries is much higher when compared to shareholders and banks.

Thanks"..