Final answer:
The increase in self service technology results in benefits such as greater consumer choice, access to cheaper goods, and advancements in communication. However, it also presents challenges with socioeconomic impacts, including market changes and job losses in certain industries. The impact affects both consumers and businesses, creating a focus for economists, businesspeople, and policymakers.
Step-by-step explanation:
The increased adoption of new self service technology (SST) leads to a multitude of results that significantly impact consumers and businesses. Consumers benefit from an increase in productivity, with a larger variety of goods available at lower prices. This is due to improvements in technology that allow for cheaper, faster, and better-quality data transmission, which also spawns spin-off technologies such as free Internet-based calling and video calling.
From a business perspective, SST can create a dichotomy where smaller firms have the potential to reach broader markets beyond their local geographic areas, potentially elucidating a market with a larger number of small competitors. Conversely, improved communication might benefit larger companies by making it easier to manage multiple operations globally, potentially leading to winner-take-all markets. Lastly, the sociological impact of disruptive technology can be quite profound, as observed in the decline of Kodak with the rise of digital photography or the closure of record stores with the advent of online music services, demonstrating the severe economic and community implications that such technological shifts can cause.