Technology means knowledge or use of mechanical arts and applied ‘sciences. Technology covers a number of issues and techniques.
Technology has two stages. In the first stage, there may be alternative technologies available but the business entities use only handful of those technologies. So there are differences between technology available and technology in use. Technology also includes technical means and skills characteristic of a particular civilization, group or period.
Science refers to a systematic body of knowledge and technology is associated with application of this knowledge practically and pragmatically. Technology changes the values of the society in one form or other.
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Technology reaches consumers through commodities and services. New discoveries get a shape after business people use it. If business entities develop their products according to the new technology only then the usefulness of new technology is felt. Developed countries continue their research on new technology to remain in growth track.
Technology increases the prosperity of a Nation. New technology is sophisticated, pollution free, comfortable, user friendly. But a Nation should be quite receptive to new technological practices. If any society cannot accept new technology then this technology has no relevance with that Nation.
Technological variables include new developments in products or processes, as well as in advances in science, that may affect on organization’s activities. The level of technology determines largely what products and services will be produced, what equipment will be used and how operations will be managed.
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Biotechnology has now appeared new on the horizon. Japan and U.S.A. is pioneer in the field of bio-technology and India, China and other countries with their large bio-diversity are entering in a big way.
Technology helps to maximise surplus of an economy and makes a society affluent. Consumerism gets impetus in a society which adores new technologies. In spite of such huge contribution, technology has ill effects too. Technology may basically change the stratification system of a community.
People with greater skill get more employment and enjoy higher income more, technological advancement also makes people much dependent on machine. Recent trend shows many Japanese companies are entering in joint ventures with foreign firms for R&D.
India is engaging foreign firms in developing bio-technological research. Thus technology is now becoming cross-cultural as well as heterogeneous affair. Takedaga, a Japanese organization has a joint venture with Abbot Labs and funds research in Harvard University.