What is the impact of technology to demand for goods and services?

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1248091

2026-04-01 17:50

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The impact of demand for goods by technology actually lies within how it affects supply. Technology generally lowers the cost of production and increases efficiency, lowering unit costs for good production and thus increasing equilibrium demand. Additionally, secondary effects of technology may come from information: technology imparts information and dependency on those who use it, so they become used to new technology/methods and demand more of it in the future, discarding less efficient methods.

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