Along with other factors of the economic environment of a country, such as political, legal, natural, and social environments, the technological environment also possesses a significant role. From an economic perspective, basic components of the technological environment of an economy are its research amp. development trends, innovations, productions, and others. Notably, the technological environment is interlinked with other attributes of an economic environment, such as regulatory policies, GDP growth rate, and demand of national as well as international markets. These components have been recognized to be changing in the European economic environment. For instance, the technological environment of the European Union (EU) has been noticed to favor nanotechnology and communication technology rather than other technological innovations. Consequently, this shall have a great impact on the performance of businesses which are entirely based on the technological environment, e.g. Toyota.From a modern-day perspective, the economic environment and its components possess a crucial role in influencing the growth of an economy. Few major components of the economical environment of an economy are its political, economical, social, and technological environment. Most economies, along with the EU have become largely dependent on its technological growth which defines the environmental aspect as one of the most crucial phenomena of the 21st century. Shreds of evidence reveal that the technological environment of the EU is changing rapidly with a strong influence on the social and economical environment at large. For instance, the member countries which are parts of the European Union, such as Denmark, Germany, and Poland are recognized to be largely dependent on the coal industry. Consequently, these economies release a higher amount of greenhouse gases and generate a larger amount of heat than other economies in the union.
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