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Technology change could have a detrimental impact. An illustration would be when a hurricane harms a company's facilities. A company experiences a negative technology transition when its production process results in high costs and low earnings.
Technical progress (TP) or technological change (TC) refers to the process of developing, advancing, and distributing new technologies or methodologies. In its purest form, technical transformation encompasses the invention of new technologies, their commercialization or release as open source through research and development, their continuous refinement, and their widespread application in commerce or society. In other words, the basis of technological change is better and more technology. The importance of social context and communication, which underscores the idea that technological change is a social process, is widely acknowledged. This paradigm sees the development of technology as a social process including creators, consumers, and other parties who are greatly influenced by the cultural setting, societal institutions, and marketing strategies.
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