Technological Change

and
Industrial Innovation
Technological Change

refers to the improvement of the

already existing technologies and
the invention of new ones to
improve the existing products in
the market while also creating
new ones
Additional Definition of
Technological Change
In economics, a technological
change is an increase in the efficiency
of a product or process that results in
an increase in output, without an
increase in input. In other words,
someone invents or improves a product
or process, which is then used to get a
bigger reward for the same amount of
work.
Example of a Product that Undergone to
Technological Change

PHONE
(Cellphone, Telephone etc.)
Three Stages Of Technological Change

(1) •Invention
(2) •Innovation
(3) •Diffusion
How Has Technology Changed Our Lives?

Technology development has impacted

our lives in several ways including new
products and processes, increasing
efficiency with lower costs, evolving
economies, and decreasing self-
reliance.
Impacts of Technological Change

POSITIVE
 Creates new products and processes
 Increases efficiency, lower costs
 Helps economies evolv
NEGATIVE
 Job displacement and unemployment
 Dependence on technology
 Social disconnect and addiction
INDUSTRIAL INNOVATION
 Industrialinnovation refers to the
development and implementation of new
ideas, processes, technologies, products, or
business models within the context of an
industry. It involves creating and improving
upon existing products or services, finding
new ways to produce or distribute goods, or
identifying innovative solutions to address
market needs and challenges.
IMPACTS OF INDUSTRIAL ECONOMICS

POSITIVE
Economic growth
Improved efficiency
Increased quality and variety of
products
Environmental sustainability
INDUSTRIAL INNOVATION

NEGATIVE IMPACTS
 Disruption and job displacement
 Economic inequality
 Social and ethical challenges
 Environmental impact
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GOD BLESS US ALL!