Technological advancements reduce costs of transportation and communication across nations and thereby facilitate global sourcing of raw materials and other inputs . Patented technology encourages globalization as the firm owning the patent can exploit foreign markets without much competition.
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Technology can save the time it takes to produce a good or deliver a service, contributing to the overall profits of a business . Technology can contribute to the efficiency of a business’s output rate, allowing for larger quantities of products to be moved or of services to be rendered.
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