Jobs may be lost in one industry, such as agriculture but new jobs may emerge in other parts of the economy. There may be more jobs or, in some case, completely new kinds of jobs. Technology may also be used to solve urgent problems. Our growing population is using up infinite supplies of natural resources. Innovations in technology allow for more efficient uses of limited or scarce resources. More products might be made from the same amount of raw material using new techniques.
Technology can increase productivity to help countries compete with other countries in selling goods and services. Some say that without technological improvements, the economy would grow slowly or not at all. Society could remain the same for years.
Ways to manufacture goods have changed continuously through history. Today, several important new advances in technology are transforming. These technologies create new products; most of them also change the way people in society interact. These technologies have a tremendous impact on our financial resources. Some of the technologies that are having the greatest effect on the economy are: robotics, automation and computerization.
Everyday in society people are making improvements, and decisions that have an impact on their society and technology. One of the most important decisions we make concerns the way we move ourselves, and our possessions. Our system of transportation greatly affects how we use energy, develop technology, the economy and environment, and our relationships.
When Henry Ford was starting out on his remarkable career in Detroit the economy was at an all time low and at the time no one could of forecasted what was about to happen. Carriage and buggy-whip makers were still making good profits in a growing market, and there were few cars on the dusty roads. Yet, within a few short years, Ford and others would shape consumer products out of the new technologies that would set in motion a huge economic transformation.