Impacts also technological. Whenever a new technology hits

Impacts of new Technology on
Equilibrium in product market

Last
two centuries have been the centuries of advancement not only economic but also
technological. Whenever a new technology hits a market it affects both demand
and supply curves. The most
sought-after effect of technological advancement is to increase production
decrease labor cost and in turn increase efficiency as a whole. Depending on the type of good being examined by the
supply and demand curves, the technology could completely eliminate demand. For
example, cassettes have become obsolete with the invention of DVDs and Blu-ray
disks. And with each new technology, many jobs are lost and other new jobs are
created because of that technology. When Industrial Revolution first
started in 18th century in England it started a wave of
technological advancement which is riding high since then. Markets were flooded
with cheaper goods which were also high in quality. And now in the 21st-century
firms are working on automation and Artificial intelligence which going to
change how the things work. With the adoption of
robotics, Internet of things technology, artificial intelligence and data
analytics along with macroeconomic trends and changing consumer behavior are
transforming the way resources are consumed. Internet of things is going to
connect whole of the world altogether. The world where each and every
electrical appliance will communicate with one another by using the internet.
Also, we are shifting from non-renewable resources to renewable resources for
power generation. As with help of technology advancements power generation has
become cheaper through renewable sources of energy. And on demand side,
consumption is becoming less intense and more efficient as people use less
energy as energy-efficient technologies have become more integrated with homes
and businesses. And also technological advancements are helping to bring down
the cost of renewable energies and giving them the greater role in global
economy. A report by McKinsey Global
Institute Beyond the super cycle focuses on these trends and finds that these
have potential to unlock around $900 billion to $1.6 trillion in savings
throughout global economy by 2035. Of these savings, one third will be from
productivity savings captured by resource producer and two-thirds will be from
the reduced demand as a result of greater energy productivity.

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Another
technological advancement is the three-dimensional printing technique. It not
only increases the speed of production but also eliminates assembly and
inventories and enables products to be redesigned for higher performance. The
beginning of the revolution shows up in the PWC 2014 survey of 100 companies.
At the time of survey 11% firms had already shifted to volumetric production of
3D printed parts and products. According to Gartner analysts, a technology is
said to be mainstream when it has an adoption level above 20%.  Clearly, 3-D printing is poised to transfer
industrial economy. It doesn’t offer anything new but it easily avoids the
downside of standard manufacturing i.e. lack of flexibility. Each unit
manufactured from it can be unique because each unit is built independently.
And every unit manufacture through it can be modified according to the need of
a user. And setting up a production system is much simpler than traditional
manufacturing units because it involves fewer stages and it combines
manufacturing and assembly into one single stage. The 3-D process allows the
porosity and mixture of plastics to vary in different areas of frames. No
assembly is required and a sunglass or earpiece can be manufactured easily in a
single frame. It is estimated that 3-D printing technology will severely affect
the manufacturing sector of industries as more industries switch to automation
and start using this technology more people will lose jobs from manufacturing.
General Electrics which has started making jet nozzle through 3-D printing says
that the same nozzle which used to be assembled from 20 different parts can now
be made easily with addictive manufacturing and faster than ever. General
Electrics also hope to reduce its manufacturing costs by as much as 75% with
the use of 3D-printing technology. For the US military, Aurora flight science
can print an entire body of a drone with a wingspan of 132 m in one build
through additive manufacturing. Many American defense companies such as
Lockheed Martin have also started manufacturing through additive manufacturing.
Local motors recently demonstrated that it can print a decent looking roadster
from bottom to top in 48 hours. 3-D printing technology sector is developing at
a very fast rate with new patents increasing at fast rates. In 2005 only 80
patents were granted worldwide which has now increased to 600. Looking at the
rate this technology sector is developing it is not far when 3D printing will
be mainstream.

 

 

 We will talk about one
such technology advancement in detail i.e. geographical information system. A geographical information system (GIS) is a
computer system for capturing, checking, displaying and storing data related to
positions on Earth’s surface. But compiling relatively unrelated data Geographical information
systems can help in understanding spatial patterns and
relationships. The crucial and most important part of Geographical information
systems technology is location. Location can be
expressed in different ways such as address, ZIP code or may be latitude and
longitudes of spatial data infrastructure. Geographical information systems can help in comparing and compiling different
information. It may include information about different kind of vegetation,
landscapes, different types of soil and it can also include data about people,
such as their income, education. Today with help of Geographical information systems technology
organizations can compare the different things and how they are related to each
other. For example, in Geographical information systems, a single map may
include sites such as factories, sewage plants residential areas and sites
sensitive to pollution such as rivers and wetlands. Such a map would help in
determining where water supplies are at risk and where there is a risk of
pollution.

Geographical information
systems applications includes both software and hardware systems. These
applications may include digital data, photographic data, data in spreadsheets
and cartographic data. Photographic data is a most important part of
Geographical information systems. It involves aerial photographs and analyzing
and interpreting the features that appear. Cartographic data are in map form,
and it includes location of roads, rivers, hills and valleys. Digital data
contains the information that is collected by satellites which shows land use
for towns, forests and farms. Remote sensing is another tool that can be
integrated into Geographical information systems. It includes imagery and other
data collected from drones and satellites. Geographical information systems can also include data in spreadsheet and tabular forms such as
demographics. Demographics can range from income, education level, age and
ethnicity to recent purchases. Geographical information systems technology allows all these different types of information to be
overlaid on top of one another in a single map layer over layer. Geographical
information system uses location as the key
variable to relate all these unrelated data. Putting all these information into
Geographical information systems is called data capture. Data
uploaded to the geographical information system must be in digital form. While
data provided by satellites is already in digital form but if using maps data
must be converted first into digital form. Geographical information systems
saves data in two major file formats that are raster and vector. Raster format
are grids of cells or pixels. Vector formats use points and lines. Geographical
information systems can also be used to display geometric networks and spatial
relationships. It may display topography, such as agricultural fields, hills
and rivers. It can also display land use pattern, such as residential areas,
industrial areas, location of parks and agricultural fields. Once all the desired data is entered into Geographical
information system. It can be used to
produce a variety of maps depending on which type of data is included. The most
common use of Geographical information system technology is to compare natural features with human activity. At any
point of time new data can be added or subtracted into Geographical
information system. With Geographical
information systems technology
scientists and researchers can look at changes over time. One advantage of
using Geographical information
systems technology is that it can show
data in a time-lapse manner and can compare data of long period of time. This
data from Geographical information systems can be used to track the advance and retreat of ice cover in Polar
Regions and how changes over a long period of time. Geographical
information systems can sometimes
allows user further to access information just by clicking on map. An
individual can use Geographical information system technology to find how many students are
studying in a school just by clicking over it in a map and also what facilities
school provides and how many students per teacher are there. It can also help
in finding how many doctors are available for number of people in a particular
area. Geographical information systems are used to produce 3D images
which are used by geologists to find earthquake faults. Geographical
information system technology also finds its use in urban planning.
Geographical information system helps in solving the broad range of spatially
based problems. Through reading maps from Geographical information system user
can find appropriate site for residential, commercial or industrial complex as
all of these three have different requirements. While urban planning most
important thing required is to see if the area is susceptible or prone to any
natural hazards. Mostly Geographic information system is used for
transportation planning, land use planning and community and economic
development. Geographical information system technology makes it much easier to
update maps than updating a map created manually.  Updated data can simply be uploaded to the
existing data in the Geographical information system program. This skips manual
work which would otherwise be required to update an existing map.

Geographical information
systems Jobs

Organizations and people
use Geographical information system technology in different fields. Scientists
use the Geographical information system to resource drinking water to the
population. Biologists use the Geographical information system to track the migration
of animals. Officials can use the Geographical information system to plan their
response in case of natural disasters. Geographical information system maps
help them to locate them which areas are in danger and where they can provide
emergency shelters, and what routes they or people should use to reach safely.
Geographical information systems
technology can also be used by firms and organizations to see the market
preference of individuals. Many retail businesses use Geographical
information systems to help them
determine the preferred location for their stores and then using Geographical
information systems technology to
market their products in preferred locations. There is no limit to the
kind of information that can be analyzed using Geographical information system
technology.

The
area in which Geographical
information systems works is vast and
almost everything can be related to each other by using Geographical
information systems technology.

One
of the common examples of using Geographical information systems
technology is Waze application. It is a navigation application which works on
the pathfinding algorithm to show a user a fast and shortest way to the
destination, which in turns lead a user to the undiscovered ways to reach his
destination as fast as possible. While Google maps tend to suggest freeways and
main thoroughfares. Waze with its pathfinding algorithms tends to find the
fastest ways and never shy away from choosing streets. Waze also responds fast
to a crash or other delay mid-journey. This is all because it uses Geographic
information system technology effectively for its pathfinding algorithms.

 

 

 

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