supply and demand mechanism

The impacts of modern technology on our society

In present-day society, humans have used technology to improve the way they communicate, work and even the way they entertain themselves. Technology has become an integral part of our lives and has transformed our lifestyles in a major way. It has become an inseparable part of everyday life, as modern technologies have shaped the world and its people.

Nowadays, one of the best high technologies is the internet. We easily connect with people from anywhere in the world. Furthermore, the internet has opened up a huge array of opportunities for businesses; it has allowed for businesses to reach out to a much wider audience than before. Now, businesses can market their products and services to people across the globe.

Moreover, technology has improved healthcare immensely. Modern medical technologies have led to a decrease in the amount of time it takes to diagnose and treat illnesses. Furthermore, it has also made surgery and medical treatments much safer and more effective. Medical advances also include remote monitoring technologies which help doctors in keeping track of their patients’ health, even when they’re apart.

On the other hand, one of the side effects of technology is the rise of cybercrimes. Individuals’ personal information is easily accessible online and can be used for malicious intentions. In addition, technology has lead to the rise of cyberbullying; individuals can easily harass people online without fear of repercussions.

In conclusion, modern technology has had an immense impact on present-day society. On one hand, it has brought about great improvements in communication, business, and healthcare amongst others. On the other hand, it has also increased the prevalence of cybercrimes and cyberbullying. Thus, it is important for us to understand and be mindful of the positive and negative aspects of technology in order to reduce the potential harm that it can cause.

Supply and demand mechanism is the process of determining how much goods and services should be traded in the market. It is an economical mechanism which defines the relationship between the demand and supply of a particular commodity and its price attributed to this. When the demand of an item exceeds its supply, the value of that item increases resulting in higher prices. When the economists often quote experts and business leaders on the effects and lives of ordinary people, the basics of economics apply when discussing the supply and demand of a commodity.

The mechanisim of supply and demand is especially relevant in marketing, economics, and business. It works by determining the relative value of certain goods and services in the market, which is then expressed in the prices of those items. Demand for certain goods and services generally increase when the cost of production is stable and prices are low, whereas availability of the goods and services decreases when demand becomes too high, resulting in supply shortages.

When there is low supply of a certain commodity due to various logistical issues or a slight recession, the price of that item starts to increase. This increase in price results in demand going down until the equilibrium is reached and prices come back to a stable point. On the other hand, when the supply of an item outweighs the demand, the prices start to decrease, resulting in the demand increasing.

In summary, it can be said that the mechanism of supply and demand is a very fundamental part of the modern economy and market. It determines the relative value of certain goods and services and in return affects it’s prices according to the demand, supply, and overall availability of the item in the market. It is an efficient mechanism of regulating the markets and ensuring that, goods and services are traded in an economic and just manner.