Technology and Production of Goods and Services

Computer Aided Manufacturing

Computers monitor control the production process

Advantages of Technology in Production

For Businesses

• Reduces cost of developing new products

• Increases productivity

• Reduces production costs

• Increased Quality

For Employees

• Wont have to complete repetitive tasks

• Workers get trained to manage automation

Disadvantages of Technology in Production

For Businesses

• Higher technology Costs

• Costs of Training Employees

• May constantly need to adapt

For Employees

• Less Opportunities for promotion

• Workers may be redundant

Mechanization

Production process done by machines monitored and controlled by humans