Effect of Technology on Price Control

The world of today is the technical dependent. The economy of the country is determined by the development of technology (in present context digitization) there. Directly as well as indirectly there is a great impact of technology on economics. Technology aids in the ease of work and production. It makes our work load a whole lot easier and speedy.
If it were not for technology, it might take us three times as long to do something that we could do in a third of the time. Technology has contributed in the rapid increment in the productive power of society. The better the technology more will be productions in different fields. This creates competition among producers and businessmen which helps to reduce price of the products. Technology has lent a hand to reduce the labor costs through the process of automation which reduces the price of the goods produced. For instance, this can be seen from the reduced cost of electronic goods, garments etc.
Not only in the reduction of cost of merchandise but also the tasks that used to take longer times and more funds is now shortened and abridged. Without technology and advancements, it would be much harder for the financial system to expand. Thus, technology has rallied round in monetary growth and therefore in scheming cost with each work being accomplished with ease, more rapidly and appropriately.