<< Chapter < Page Chapter >> Page >

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 is variations in raman spectra for nanomaterials
Jyoti Reply
I only see partial conversation and what's the question here!
Crow Reply
what about nanotechnology for water purification
RAW Reply
please someone correct me if I'm wrong but I think one can use nanoparticles, specially silver nanoparticles for water treatment.
Damian
yes that's correct
Professor
I think
Professor
what is the stm
Brian Reply
is there industrial application of fullrenes. What is the method to prepare fullrene on large scale.?
Rafiq
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
Damian
How we are making nano material?
LITNING Reply
what is a peer
LITNING Reply
What is meant by 'nano scale'?
LITNING Reply
What is STMs full form?
LITNING
scanning tunneling microscope
Sahil
how nano science is used for hydrophobicity
Santosh
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
Rafiq
what is differents between GO and RGO?
Mahi
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
Rafiq
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
Bob
The nanotechnology is as new science, to scale nanometric
brayan
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Damian
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
Renato
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
?
Kyle
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
Adin
why?
Adin
what school?
Kyle
biomolecules are e building blocks of every organics and inorganic materials.
Joe
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
research.net
kanaga
sciencedirect big data base
Ernesto
Introduction about quantum dots in nanotechnology
Praveena Reply
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 did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
Privacy Information Security Software Version 1.1a
Good
Got questions? Join the online conversation and get instant answers!
Jobilize.com Reply

Get the best Algebra and trigonometry course in your pocket!





Source:  OpenStax, Economic and management sciences grade 8. OpenStax CNX. Sep 11, 2009 Download for free at http://cnx.org/content/col11040/1.1
Google Play and the Google Play logo are trademarks of Google Inc.

Notification Switch

Would you like to follow the 'Economic and management sciences grade 8' conversation and receive update notifications?

Ask