Question

In 2-3 paragraphs, identify at least two ways technology and innovation have affected global economic competition. Provide a specific example to support each way.

Answer 1

With the coming of the technology and the innovation, the competition among the suppliers has increased where all of them use the best technology to reduce the cost of production and to market their goods reach the consumers.

Explanation:

The criteria of affecting global competitiveness incorporate factors, for example, adaptability of work markets, level of guidelines, assurance of private property along with the use of technology. A key factor in deciding seriousness is the expense of transport.

Through innovation, goods and services become serious in the local as well as in the worldwide economy. These days, innovation and advancement exercises become the fundamental wellspring of monetary development and seriousness in the neighborhood just as worldwide business condition.