What Is The Effect Of Science And Technology On Trade And Commerce?

Advances in science and technology have changed our lives for the better. We can see it in everything that is around us - the air conditioner, the refrigerator, the television, the Internet - these are all the result of technological and scientific advancements. Our lives are not like what they were even two decades back.

Advancements in science and technology have also had their impact on trade and commerce. Technological advancements have ensured that production times are optimized. For example, if it took 48 hours to assemble a car when cars first came about, the introduction of the assembly line reduced that time drastically.

The best example of technological advancements impacting trade and commerce positively has been the effect that the Internet has had on our lives. The Internet has changed the way we do business. Doing business over the Internet has ensured that overheads are drastically reduced and profitability increased by huge margins.