Think of a technological change that has occurred at some time in the past. What is a good or service that was affected by this technological advancement? Was supply or demand affected by the technology?

One technological change that has occurred is that of the move from traditional media, such as newspapers and television, to new media, such as that disseminated on mobile devices. One service that was affected by this advancement was social media products like Facebook and Twitter. Demand for these types of products has increased, whereas demand for traditional media types, like magazines and newspapers, has decreased.

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A very interesting example of technology affecting an industry is the media industry. Technology has greatly affected both the supply and demand for various products and services.

Before technology really affected the industry, media was typically comprised of both physical newspapers and magazines as well as television broadcasts.

Technological advances...

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A very interesting example of technology affecting an industry is the media industry. Technology has greatly affected both the supply and demand for various products and services.

Before technology really affected the industry, media was typically comprised of both physical newspapers and magazines as well as television broadcasts.

Technological advances to products brought mobile and tablet devices to market at a reasonable price point, and the majority of Americans have access to them. Technology also allowed multiple companies to bring these types of products to market, which increased the supply and helped drive down the price point.

The software products and services that leveraged the increase in mobile and tablet products, like Facebook and Twitter, were able to reach consumers constantly (and instantly) throughout the day. No longer did consumers have to be in front of a television or reading a newspaper to have access to news; they could get it whenever they wanted, right in their pocket. This increased the supply of media through various mediums.

This increase in supply of mediums and channels for consumers to receive their news also led to a decrease in demand for traditional newspapers. Now, legacy media companies have been forced to implement digital strategies to compete with digital-first, startup media companies, which is a very significant change in their business model, and one driven by the changes brought about by increases in technology.

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