Technology's Impact On The US Economy

Before goods and services can be distributed to the citizens and be consumed, they are produced by a person or an organization. In the United States, privately/publicly owned firms produce most goods and services. The U.S., being the largest economy in the world, produce different kinds of goods and services that are divided into four main sectors. The first sector produces goods made directly from natural resources. the second sector manufactures and generates electricity. The third sector, and the largest part of the U.S. economy, it enclosed financial services such as retail, government services, and entertainment. The fourth sector handles recording, processing, and transmission of information.
The rapid technological changes have greatly impacted the U.S. economy. There are many different opinions on the changes that have taken place. The proposition side believes modern technologies have been made that include low-cost and powerful microelectronic devices that can cause productivity in factories and in office to increase. They also believe that the advancements in technology have begun a new revolution. Whereas, the opposing side believes that because of technological
economy has strengths and weaknesses. The strengths are that United States manufacturers and goods providers have to improve their products and services in order to beat the competition, and consumers get better pricing through competition. International competition also leads to more innovation and improvements of product and services. The weaknesses are that in the U.S., jobs are lost, and many businesses from the United States have moved their operations overseas. Due to high-cost labor, a lot of manufacturing shifted overseas and now are heavily dependents on countries like China to produce low-cost goods for our consumers. This has created a trade deficit of trillions of dollars making the U.S. economy vulnerable to outside