Technological Factors

Definition

These are elements that affect how industries operate based on advancements or changes in technology.

Analogy

Imagine technological factors as updates for your favorite video game; these updates can change how you play the game - new features might make gameplay easier while others could introduce challenges.

Related terms

Innovation: The introduction of something new such as a method or device. Like getting a new smartphone model with advanced features compared to your old one.

Automation: The use of largely automatic equipment in a system of manufacturing or other production processes. It's like using self-checkout at grocery stores instead of waiting for cashier assistance.

Digital Revolution: A shift from traditional industry that was brought about by computers and digital technology during the latter half of the 20th century. Like moving from handwritten letters to emails and instant messaging.