Final answer:
Technology in business encompasses computing resources, physical devices, software applications, and network infrastructure, as well as innovations that lead to new products and efficient processes. It has a significant impact on a company's efficiency and competitiveness, with its value often exceeding the cost of physical materials in products like computers.
Step-by-step explanation:
Technology includes a broad range of elements essential for a company's operations. When we refer to technology in a business context, we're often talking about computing resources that collect, store, and analyze a company's data. This also encompasses physical devices used in daily operations, a variety of software applications employed to facilitate business processes, and the vital internet connectivity and network infrastructure that underpins modern commerce.
Furthermore, the concept of technology extends beyond mere gadgets or software; it also involves the application of science and knowledge to solve problems, create new products, implement more efficient production methods, and manage organizations effectively. Technology innovation can be seen in the fundamental shifts from historical methods of doing things, such as the evolution from horses to automobiles, or from manual tallying to sophisticated electronic computing.
Lastly, it's noteworthy that the value of technology often greatly surpasses the value of the physical materials that constitute a product. In industries like computing, the intricate ideas and designs that lead to advanced functionality are where the real value lies, showcasing the importance of intellectual property and innovation within the technological ecosystem.