The impact of computers on the economy
The advent of computers has markedly improved our economy and standards of daily living, as business, commerce, and world commerce have flourished at rates unprecedented in recent decades. In addition, the utilization of resources has increased significantly, which in turn resulted in a large rush of production in many commercial establishments. Despite brief periods of recession, the sudden downturn in the economy did not leave a devastating impact as predicted, as it quickly recovered after a period of adjustment.
Computers served as a tool for global communication where the export and import of manufactured goods between the companies of the countries are organized as communication through emails or emails that travel as fast as the speed of light. With the entry of imported products into the local market, today’s consumers don’t need to go abroad just to try some of the best food, clothing and toiletries in the world.
As trade between nations has allowed for the gradual removal of some barriers, imported goods freely enter a given country’s market with a markedly reduced tax on such goods, lowering the selling price of manufacturing. As the economic rule shows that the abundance in the supply reduces the price of a commodity. Due to stiff competition, international manufacturers and suppliers have no alternative but to lower the price of their products in order to stay on the commercial scale.
Thanks to computers, Business Process Outsourcing or BPO has given countries like India, the Philippines and South Africa a boost to their economy by providing thousands of jobs to their workforce. Countries that offer outsourcing services, on the other hand, get the biggest boost to their economy, as they are relieved of paying labor costs in their own country, as cheaper labor costs in other countries allow them to reduce expenses. Records show that India alone has revenue of US$10.9 billion from offshore BPO and US$30 billion from IT and total BPO in 2008, giving the country a 5-6% share of the total BPO industry.
Computers and the Internet have provided an avenue where scientists and researchers at pharmaceutical companies, for example, can make modifications to certain drugs, develop drugs of superior quality to existing drugs, and discover new ones that promise immense financial rewards for production alone. and distribution over a period of time.
In fact, the invention of computers and the Internet has become the most effective catalyst for competition to grow not in increments, but in a great rush that gives companies the scare of their lives. As competition grows stronger, manufacturing companies employ various marketing strategies to increase sales that ultimately end up benefiting consumers in general.
