Technology
Technology is the application of knowledge in human activity such as work, distribution, exchange, consumption, etc., which results in rendering an activity more efficient. It reduces the amount of input required to produce a unit of output and simultaneously improves the quality and usefulness of the output.
Technology is a by-product of knowledge. There are as many kinds of technologies as there are areas of human activity: consumer technology (refrigerators, radios, TVs, stereo equipment, mattresses, watches etc.), production technology (metal cutting machines, boilers, furnaces, electrical generators, hammers, etc); defence technology; medical technology; space technology; etc.
Both "hard" technology in the form of machines and equipment and "soft" technology in the form of managerial technology and all kinds of know-how, are used in conjunction with economic resources to produce the goods and services we consume.
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