Technological Change and Its Impact

The video discusses the rapid pace of technological change, highlighting the difference between invention and innovation. It explores the concept of creative destruction, where new technologies disrupt existing markets and jobs. The impact of technology on production methods, cost reduction, and efficiency is examined, along with its influence on market structures and barriers to entry. The role of the internet in reducing barriers and increasing market competitiveness is emphasized.

What is one of the main drivers of rapid technological change?

• Increased R&D capabilities

• Lower demand for new technologies

• Decreased access to funding

• Reduced access to patents

How does innovation differ from invention?

• Innovation turns an idea into a commercial reality

• Invention is making a business out of an idea

• Invention involves marketing a new product

• Innovation is the creation of a new idea

What is an example of creative destruction?

• The rise of public transport

• The growth of traditional hotels

• The decline of mobile phones

• The emergence of streaming services

How can technological change affect production methods?

• It only affects the medical industry

• It can lead to either more capital or labor-intensive production

• It reduces the need for any production

• It always leads to more labor-intensive production

What has been the general trend in job creation due to technological change in recent decades?

• More jobs have been destroyed than created

• Jobs have remained constant

• More jobs have been created than destroyed

• There has been no impact on jobs

How does technological change typically affect production costs?

• It increases production costs

• It has no effect on production costs

• It only affects costs in the tech industry

• It reduces production costs

What is one way technological change can improve efficiency?

• By decreasing dynamic efficiency

• By reducing the need for specialization

• By increasing labor costs

• By increasing the minimum efficient scale

How has the internet affected barriers to entry in many industries?

• It has decreased barriers to entry

• It has made barriers to entry irrelevant

• It has had no effect on barriers to entry

• It has increased barriers to entry

What impact has technological change had on product variety?

• It has had no impact on product variety

• It has increased product variety

• It has decreased product variety

• It has made products more homogeneous

How has technological change influenced market competitiveness?

• Markets have become less competitive

• Markets have become more competitive

• There has been no change in competitiveness

• Only tech markets have become competitive