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BUS 1103 Written Assignment Unit 2

The smartphone was the most important technological innovation in the last twenty years according to the author. Smartphones allow loved ones around the world to easily communicate about their lives and stay connected. They also give people access to a vast amount of information with just a click as well as provide entertainment through games. Moreover, smartphones can help save lives in emergency situations by allowing contact to be made with services like police and ambulances. The competition between smartphone companies to provide the newest technologies has benefited consumers through lower prices and access to better innovations. The supply and demand for smartphones is in equilibrium.

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172 views

BUS 1103 Written Assignment Unit 2

The smartphone was the most important technological innovation in the last twenty years according to the author. Smartphones allow loved ones around the world to easily communicate about their lives and stay connected. They also give people access to a vast amount of information with just a click as well as provide entertainment through games. Moreover, smartphones can help save lives in emergency situations by allowing contact to be made with services like police and ambulances. The competition between smartphone companies to provide the newest technologies has benefited consumers through lower prices and access to better innovations. The supply and demand for smartphones is in equilibrium.

Uploaded by

talk2toma
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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In my own opinion, the smartphone was the most important technological innovation in the

last twenty years. I think it was the most important technology innovation because first of all,

it allows people from around the world to communicate. Smartphones help families stay

contacted with each other from different parts of the world easily. Loved ones can

communicate about their lives and tell each other how much they missed each other.

Moreover, smartphones allow people to have access to information with a click of a button.

People can learn and find out about all sorts of interesting things like space or tomorrows

weather. In addition, people can play many games which can add excitement and fun to their

lives. Besides, smartphones are an important invention because they help people in times of

emergency. When people are in danger or life threatening situations a mobile phone is a

useful kind of technology that helps people get into contact with emergency services such as

the police and ambulance. Therefore, mobile phones help save lives.

When it comes to the demand for this technology, with the popularity of the internet, the

smartphone has become popular because of the ability to surf the internet and do some of the

same things that are done on a full sized computer. Often times, people use their smartphones

in order to access their favourite video streaming sites and apps.

This technology innovation has been supplied to the consumers by many big powerful

companies that challenged each other and themselves to provide only the best. Some

examples of this companies are: Samsung, apple…These companies and marketers are well

aware of the factors that affect consumer decision making when purchasing mobile phones

factors that take into account not only aspects like speed, connectivity, and special features,
but psychological characteristics like personality, lifestyle, and brand loyalty. This awareness

is exemplified in mobile phone advertisements and commercials, which tend to emphasize

style and emotion, showing just how a phone could improve a consumer’s lifestyle.

The law of demand affected smartphones by creating a competition between companies,

which has highly affected prices especially when it comes to new or young companies. This

made each company to try to get the newest and best technologies to use in their products,

and this is certainly beneficial to the consumers because it give them the chance to get access

to great technologies with lower prices.

I believe that there was equilibrium in supply and demand for this technology innovation.

The quantity demanded for each type of smartphone decreases as price increases and the

quantity supplied for each type of smartphone increases as price increases. The two

smartphones are substitutes for one another. Initially the markets for both types of

smartphones are in equilibrium.

References

Amine, S., & Lages Dos Santos, P. (2011). The influence of labour market institutions on job
complexity. Research in Economics, 65(3), 209

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