Question
In: Economics
Discuss the three processes involved with technological advancement?
Discuss the three processes involved with technological advancement?
Solutions
Expert Solution
Answer: Means of technological advancements:- Technological change, technological development, technological achievement, or technological progress is the overall process of invention,innovation and diffusion of technology or processes.
Three process of technological advancements are as follows,
1)- invention:- The creation of something new, or a"breakthrough" technology. For example,spreadsheet software.
2)-innovation :- five main attributes of innovative technologies which influence acceptance, These are relative Advantage, Compatibility, Complexity, Trialability, and Observability.
3)- diffusion :- The diffusion of a technology generally follows an S-shaped curve as early versions of technology are rather unsuccessful, followed by a period of successful innovation with high levels of adoption, and finally a dropping off in adoption as a technology reaches its maximum potential in a market.
Rahul Sunny answered 2 years agoRelated Solutions
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