Technological advancements can really change how we supply products. Here’s how it works:
Faster Production: New technology often helps make things faster. For example, using machines or AI (we call this automation) in factories means they can produce more stuff in less time.
Lower Costs: Technology can help companies save money when making products. For instance, if a business uses smart software to keep track of their stock, it can reduce waste and cut costs.
New Products: Innovations can create brand-new items. This helps to grow the market. When new products come out, it increases supply, meaning there’s more available for everyone at different prices.
Wider Market Access: The internet lets businesses reach more customers. A tech-savvy supplier can connect with many more shops and stores, which increases the overall supply.
So, all of these points can really change how supply works!
Technological advancements can really change how we supply products. Here’s how it works:
Faster Production: New technology often helps make things faster. For example, using machines or AI (we call this automation) in factories means they can produce more stuff in less time.
Lower Costs: Technology can help companies save money when making products. For instance, if a business uses smart software to keep track of their stock, it can reduce waste and cut costs.
New Products: Innovations can create brand-new items. This helps to grow the market. When new products come out, it increases supply, meaning there’s more available for everyone at different prices.
Wider Market Access: The internet lets businesses reach more customers. A tech-savvy supplier can connect with many more shops and stores, which increases the overall supply.
So, all of these points can really change how supply works!