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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

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
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.
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
Yes, Nanotechnology has a very fast field of applications and their is always something new to do with it...
Himanshu Reply
good afternoon madam
AMJAD
what is system testing
AMJAD
what is the application of nanotechnology?
Stotaw
In this morden time nanotechnology used in many field . 1-Electronics-manufacturad IC ,RAM,MRAM,solar panel etc 2-Helth and Medical-Nanomedicine,Drug Dilivery for cancer treatment etc 3- Atomobile -MEMS, Coating on car etc. and may other field for details you can check at Google
Azam
anybody can imagine what will be happen after 100 years from now in nano tech world
Prasenjit
after 100 year this will be not nanotechnology maybe this technology name will be change . maybe aftet 100 year . we work on electron lable practically about its properties and behaviour by the different instruments
Azam
name doesn't matter , whatever it will be change... I'm taking about effect on circumstances of the microscopic world
Prasenjit
how hard could it be to apply nanotechnology against viral infections such HIV or Ebola?
Damian
silver nanoparticles could handle the job?
Damian
not now but maybe in future only AgNP maybe any other nanomaterials
Azam
Hello
Uday
I'm interested in Nanotube
Uday
this technology will not going on for the long time , so I'm thinking about femtotechnology 10^-15
Prasenjit
can nanotechnology change the direction of the face of the world
Prasenjit 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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