OTA, I would like to gain insight and perspective for better understanding.
I have observed many industries that have gone through a technological change that has cost workers their jobs.
OTA, in your own words, what are your thoughts about technological improvements that lead to greater productivity and reduced costs yet leave workers either working for lower wages, or looking for a new job, or having to invest in new training and education?
OTA, is increased productivity (reduced costs) more important than the workers? How about from a macroeconomic perspective?
Please take a moment and go to the Bureau of Labor Statistics website about productivity and cost http://www.bls.gov/lpc/home.htm
Thank you.© BrainMass Inc. brainmass.com October 24, 2018, 10:21 pm ad1c9bdddf
In my opinion, productivity enhancement due to technological improvements has become a necessity in today's competitive world for companies. Due to increasing globalization and reduced trade barriers between nations, companies are forced to enhance their productivity via technological improvement, or else simply watch their market share, revenue and profitability coming down.
Further, the increasingly demanding and informed consumer base forces companies to come out with better quality products and lower costs than ever before. Therefore, productivity enhancement via technological advancement has become a critical success factor in today's extremely competitive and globalized business world. If an organization will not resort to such productivity enhancement, some other company would do it and grab its market share. Further, the increasing use of offshoring is ...
Technological Improvements that Lead to Greater Productivity / Reduced Costs
Identify and discuss issues that affect cost on gasoline.
Gasoline as product:
1) Identify and discuss issues that affect cost on gasoline.
2) Discuss the impact of technology on productivity and average total cost.
3) Describe three to five factors in the economy that will impact the demand for gasoline and one for the cost associated with producing the good or service.
4) Identify the economic indicators that reflect those factors.
5) Locate a forecast for each of the economic indicators you have selected for the next two years. In some cases, it may be more feasible to look at prior trends for selected indicators rather than forecasts.
6) Comment on the degree of confidence that can be placed in economic forecasts.
7) Discuss the implications of this economic forecast and the income elasticity of demand for the pricing strategy.