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Economic and management systems

Grade 8

Sustainable growth and development

Module 9

Employing technology

Technological advancement or development, which comprises the use of improved techniques or methods of production, enable workers to deliver additional outputs or improve production using the same resources. Such improvement reduces the cost of producing goods and services. This means that a smaller input per unit is required in terms of human and physical capital.

Technological development is achieved by means of investment in capital equipment and research projects. For this reason, development in the field of technology (and science) will require bigger investments and sacrifices in terms of (reduced) consumption.

Activity 1: technological developments

SELF:

Create a poster showing the following technological improvements:

  • The replacement of people with machines;
  • The course of development from the steam engine to the internal combustion engine to hydroelectric power to atomic power;
  • Developments in the field of telecommunication;
  • Developments in the field of transport.

( Select any of the above. )

These technological developments have resulted in significant changes in the way of life of all people over the past 250 years and have led to an improvement in living standards.

Technological improvements can take two forms:

1. INVENTION , which involves the discovery of new products or new processes; and

2. INNOVATION , which involves practical conversion to new techniques. This can also be seen as the economic application of an INVENTION

Note:

  • INVENTIONS ARE IMPORTANT, BUT THEY REMAIN BRIGHT IDEAS WAITING TO BE IMPLEMENTED IF INNOVATORS DO NOT SHOW THE WAY FOR THEIR IMPLEMENTATIONS.

Activity 2: Invention and Innovation [LO 2.4]

Group:

Do research on:

  • HENRY FORD, who is regarded as the father of the Model T Ford, and
  • RAY KROC, who is regarded as the father of McDonalds.

Decide whether they were inventors or innovators and motivate your decision.

  • Summarize your research:

Although technological developments have played an important role in promoting material prosperity and improving the standard of living, we have to realise that such development in itself is not adequate for sustainable economic growth. Before modern technology can ensure economic growth, the labour force has to develop appropriate skills to be able to operate and maintain the complicated machines that are developed. Training and the acquisition of basic skills therefore form an important part of the successful implementation of technology. To facilitate this, it is imperative that greater investment in formal and informal training should be realised.

References:

  • Gwartney, James D ECONOMICS, Private and Public Choice, Sixth Edition
  • Stroup, Richard L The Dryden Press, Harcourt Brace College Publishers, Orlando, 1992

Assessment

Learning outcomes (LOs)

LO 2

SUSTAINABLE GROWTH AND DEVELOPMENT

The learner will be able to demonstrate an understanding of sustainable growth, reconstruction and development, and to reflect critically on related processes

Assessment standards (ASs)

We know this when the learner:

2.1 investigates and describes how the national budget is used to influence growth and redress economic inequalities;

2.2 investigates how the RDP could have been used to stimulate economic growth and restructuring (e.g. capacity building jobs);

2.3 discusses the importance of savings for investments;

2.4 investigates and reports on how technology can improve productivity, economic growth, living standards, etc.

Overview

Assessment standard 2.4:

ACTIVITY 1: TECHNOLOGICAL DEVELOPMENTS

Self:

learners are to make a selection from given examples. They should be encouraged to make free use of appropriate pictures and other representations to illustrate technological developments / improvements.

ACTIVITY 2: INVENTION AND INNOVATION

GROUP:

Let groups do research relating to HENRY FORD and RAY KROC to help them become aware of the extent of the developments related to motor car manufacturing and the fast food industry.

  • HENRY FORD and RAY KROC were innovators.
  • HENRY FORD’s contribution has to do with the development of mass production and

RAY KROC’s innovation led to a change in the eating habits of American people, and of most of the people in the world

Questions & Answers

what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
Bharti
do you think it's worthwhile in the long term to study the effects and possibilities of nanotechnology on viral treatment?
Damian Reply
absolutely yes
Daniel
how to know photocatalytic properties of tio2 nanoparticles...what to do now
Akash Reply
it is a goid question and i want to know the answer as well
Maciej
characteristics of micro business
Abigail
for teaching engĺish at school how nano technology help us
Anassong
Do somebody tell me a best nano engineering book for beginners?
s. Reply
what is fullerene does it is used to make bukky balls
Devang Reply
are you nano engineer ?
s.
fullerene is a bucky ball aka Carbon 60 molecule. It was name by the architect Fuller. He design the geodesic dome. it resembles a soccer ball.
Tarell
what is the actual application of fullerenes nowadays?
Damian
That is a great question Damian. best way to answer that question is to Google it. there are hundreds of applications for buck minister fullerenes, from medical to aerospace. you can also find plenty of research papers that will give you great detail on the potential applications of fullerenes.
Tarell
what is the Synthesis, properties,and applications of carbon nano chemistry
Abhijith Reply
Mostly, they use nano carbon for electronics and for materials to be strengthened.
Virgil
is Bucky paper clear?
CYNTHIA
so some one know about replacing silicon atom with phosphorous in semiconductors device?
s. Reply
Yeah, it is a pain to say the least. You basically have to heat the substarte up to around 1000 degrees celcius then pass phosphene gas over top of it, which is explosive and toxic by the way, under very low pressure.
Harper
Do you know which machine is used to that process?
s.
how to fabricate graphene ink ?
SUYASH Reply
for screen printed electrodes ?
SUYASH
What is lattice structure?
s. Reply
of graphene you mean?
Ebrahim
or in general
Ebrahim
in general
s.
Graphene has a hexagonal structure
tahir
On having this app for quite a bit time, Haven't realised there's a chat room in it.
Cied
what is biological synthesis of nanoparticles
Sanket Reply
what's the easiest and fastest way to the synthesize AgNP?
Damian Reply
China
Cied
types of nano material
abeetha Reply
I start with an easy one. carbon nanotubes woven into a long filament like a string
Porter
many many of nanotubes
Porter
what is the k.e before it land
Yasmin
what is the function of carbon nanotubes?
Cesar
I'm interested in nanotube
Uday
what is nanomaterials​ and their applications of sensors.
Ramkumar Reply
what is nano technology
Sravani Reply
what is system testing?
AMJAD
preparation of nanomaterial
Victor Reply
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
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Source:  OpenStax, Economic and management sciences grade 8. OpenStax CNX. Sep 11, 2009 Download for free at http://cnx.org/content/col11040/1.1
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