technology

(noun)

The study of or a collection of techniques.

Related Terms

Examples of technology in the following topics:

  • Technological Change

    • In economics, technological change is a term used to describe the change in a set of feasible production possibilities.
    • One primary factor that influences the growth of an economy is technological change.
    • Technological change is a term used to describe the change in a set of feasible production possibilities.
    • In order to advance and continue to grow all markets need to make use of new technology to stay competitive.
    • Advances in technology creates an increased level of output with the same inputs, which improves productivity.

  • Technology

    • Technology is one small piece of knowledge.
    • Technology is more than a set of skills to do things.
    • Humans seek to understand these interactions and develop technology by combining and reorganizing existing technologies.
    • Technological change is pervasive.
    • New technology is the result of old technology(ies) being recombined in new ways and used for new purposes.

  • Changes in Technology Over Time

    • Technological improvement improves the efficiency of production, which increases supply and lowers prices.
    • Technology, on the other hand, is used to put these factors of production to work.
    • An improvement in technology usually means that fewer and/or less costly inputs are needed.
    • Technological change in the computer industry has resulting in a shift of the computer supply curve.
    • Summarize how changes in technology affect a firm's decision to produce.

  • Impacts of Technological Change on Productivity

    • The shift due to changes in technology represents increased productivity.
    • The variance in technological advances that have driven productivity upwards is remarkable, underlining the ongoing importance of focusing on technology as a primary change agent.
    • Innovative advances in technologies can be either leaps or increments, although the larger technological advances tend to take the limelight.
    • Measuring the effects of technology on productivity is a difficult pursuit.
    • This system is more specifically tailored for technological change than GDP.

  • Social Interaction and Technology

    • Humans have sought to solve the problem of provisioning through social interaction and the use of technology.
    • As a social institution, they may change over time as social values, technology, work and environment change.
    • Technology is the knowledge about the individuals' relationships with the natural and built environments.
    • Technology involves knowledge about alternative ways of solving the problem of provisioning.

  • Economic Growth as a Measuring Stick

    • Growth Accounting: Growth accounting came into popularity after the classical model, identifying the crucial role of technology in economic growth.
    • Using the same classical growth equation, this method of measuring economic growth replaces the 'land' variable with 'technology' (technology including all of the contextual components that enable growth).
    • In this scenario, technological leaps and bounds can be captured in the overall growth model.
    • Endogenous Growth Model: This model takes into account technology, as in the growth accounting system discussed above, alongside increases in skills and intellectual capital.
    • A more educated workforce will result in increases in real output, as will advances in technology and innovation.

  • Determinants of Supply

    • Conditions of production: The most significant factor here is the state of technology.
    • If there is a technological advancement related to the production of the good, the supply increases.
    • For example, a technological improvement that reduces the input cost of a product will shift the supply curve outward, allowing suppliers to provide a greater supply at the same price level.
    • However, the supply curve itself may shift outward or inward in response to non-price related factors that affect the supply of a good, such as technological advances or increased cost of materials.

  • Supply Function

    • QXS = fS(PX, PINPUTS, technology, number of sellers, laws, taxes, expectations . . .

  • Introduction to the Economic Problem

    • Society is confronted with a finite set of resources and a given state of technology at any given point in time.
    • What is the nature of technology and what is its role in the economic system?
    • Do changes in technology influence social institutions?
    • To what extent do social institutions influence technology?
    • Technology or prescriptive knowledge is a set of instructions to about how to use resources to attain objectives.

  • Introduction

    • Society is confronted with a finite set of resources and a given state of technology at any given point in time.
    • What is the nature of technology and what is its role in the economic system?
    • Do changes in technology influence social institutions?
    • To what extent do social institutions influence technology?
    • (Mokyr, pp 4-6) Technology or prescriptive knowledge is a set of instructions to about how to use resources to attain objectives.