Technology is a broad term that encompasses many fields and branches of study. Basically, it is an umbrella term that includes many of the previously mentioned fields, but further encompasses computer sciences, computer engineering, information systems, applied physics, and many more. Technology is used as a verb, meaning to make something new or “to devise” – to put a new technological system into place. It can also be used in a non verbs manner as a tool used to advance technology by developing new methods or finding ways to use existing technologies more productively. In this modern age, technology is often used to refer to new devices, machines, and equipment for a specific field of human endeavor. Such as in defense applications technology is utilized to develop new weapons and tactics to win wars.
In business, technology is often used to help other people do their jobs better. Say for example, you have a business where you sell products. You may develop software that will allow people to make their purchases through the Internet instead of walking into your store to make their purchases. This will enable you to increase your profits by reducing your losses on sales. Also, if you are a service based company then you may want to develop and implement better customer service, which again will increase profits for you.
Technology is crucial to the way we live our lives. Without it, many of our most basic needs would not be available to us. With technology advancing at such a rapid pace it is inevitable that some people will become extremely rich and others will remain moderately poor. This is why governments all over the world are trying to stimulate the economy using various forms of technology. In doing so, they are ensuring that a more balanced society is developed.