Final answer:
Technological change is a key element that differentiates the current business landscape from the past. Enhancements in communication technologies, alongside globalization, have expanded market definitions and increased competition, impacting both consumers and businesses globally.
Step-by-step explanation:
One of the key elements that makes the current business landscape different from those of the past is technological change. As communication technologies have drastically improved, including the development of the internet, we have seen a significant impact on how markets are defined and how businesses operate. Not only can consumers order products from across the globe, increasing competition for local retailers, but business-to-business interactions are also facilitated on a global scale, enabling suppliers and buyers to connect with ease from any part of the world. Additionally, the convergence of technology and globalization has led to debates regarding the future size of firms, whether new technologies will spur a multitude of small competitors or lead to larger, dominant players in the market.