The paper "Current Economic Period of Starting from the Early 1990s" is a good example of macro and microeconomics coursework. In order to survive, man engages in economic activities. Economic activity according to (Kling, 2011) is a pattern of sustained trade and specialization. Economic activities comprise of patterns of specialization where different walks of life concentrate on a certain end while others engage in the other end. It involves the production and what is produced is then sold. These commodities can either be good or services. They are produced and then availed to a market where the exchange of ownership takes place between a buyer and a seller.
The process of production up to consumption is long and can be complex. Technology plays a vital role in simplifying it. Technology is the use of scientific knowledge for economic and practical purposes (Pearsall & Hanks, 2011). Technological revolution means embracing new methods of doing work. It is a period when one set of technology is replaced with a better and advanced one. The process of change from the agrarian economy to the industrial, machine for manufacturing dominated begun in England in the 18th century.
It included the invention of new sources of energy, new machines that increased the production of goods and services such as the steam engine and the development in the transportation and communication such as railway and the telegraph. The contribution of new technology to economic growth can only be realized when and if the new technology is widely used. The increase in population resulted to increase in demand for goods and services thereby necessitating the invention of transportation technologies of automobiles and aeroplanes, infrastructure technologies such as highways, electricity and water systems, mass-production manufacturing technologies and agricultural mechanization.
Their aim was to increase the goods produced and services rendered to the people at reduced prices. New technology encouraged new ways of organizing work. The industrial revolution saw a shift from labour-intensive production to capital intensive production. There was rapid growth in living standards and production. This paper studies the current economic period of starting from the early 1990s. This period has seen major technological advancements in the world that have led to a profound impact on economic activities.
The internet was developed and quickly became the enabling technology in the 1990s. This has been the most outstanding technological advancement in the last 5 decades. The 1990s saw the development and release of WWW (World Wide Web). It started off as a networking university project t the University of Minnesota. A while later, Microsoft launched Internet Explorer which allowed people to browse the WWW. The internet-enabled people to communicate in a new simple and efficient way never witnessed before. The email was created and posting of letters became less popular (Tuten, 2010). Now, with the accessibility of the internet form a computer, economic activities quickly realigned to adopt the new technology.
It was the new platform for businesses which could not resist it due to its popularity. Businesses moved online and created websites. This bridged boundaries as businesses could now be available online all over the world on this common platform. Customers looking for products could now use the internet to identify companies selling them and even place orders online from the convenience of a sitting room or an office.
On the side of businesses, they no longer needed to incur huge costs through adverts as they could do so over the internet. This is particularly the case today. The internet even makes segmentation easy as it is possible for businesses to target customers with specific preferences, gender, age, etc.
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