According to your text, three factors are responsible for the rapid rise in new product development. They are faster and more economical transportation, the advent of electronic communication, and

Question

Computers and Technology

Amari Pacheco

23 September, 02:36

According to your text, three factors are responsible for the rapid rise in new product development. They are faster and more economical transportation, the advent of electronic communication, and

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Answers (1)

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Goodman · Answer 1

Mass production.

Explanation:

The traditional factors of production are land, labour, capital and entrepreneurship. These factors are considered in product development, and are invested upon by the entrepreneur.

But as technology evolved, it has modified and enhance these factors. The product are easily transported with fast and economic transportation medium, communication between production lines are fast, cheap and of good quality and products are produced in mass.