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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 environment affect demand and supply of commodity ?
Amos Reply
Wht at the criteria for market ?
Amos
what is difference between monitory policy and fiscal policy?
Malik Reply
monetary policy is a policy thrust by National Govt(CBN) to influence government spending, purchase &taxes
Frank
necessity of economics
Pamela Reply
I will say want,choice,opportunity cost,scarcity,scale of preference
Alao
what is monopoly market.How price output are determined under monopoly market
bisham
b) Monopoly market is an impecfect market where s single firm having the innovation to produce a particular commodity.Prices are determined through output since there are no other competitive.
Frank
Monopoly market:firm has market power & does not respond to market price
Frank
Explain the process of price determination under perfect competition market with suitable diagram
bisham Reply
Price determination under perfect competition via this process :firms have no market power to influence price rather firms respond to market price.
Frank
price is different from demand- demand is amount of commodity
Effah Reply
demand is amount /quantity of commodity a potential buyer is willing to buy at a given price at market
Frank
demand is a desire of customer on commodity with the ability to pay it and willing to buy it at given price of commodity
Harika
demand is price of what
Faith Reply
show that shortrun average cost
Baby Reply
what is economics
Mbah Reply
what is money
Mbah
what is money
Mbah
Difine macro economics
agaba
money is a medium of exchange between goods and services,maybe inform of currency.
Wesonga
Economics is study of how human beings strive to satisfy numerous wants using limited available resources.
Wesonga
how do you find the maximum number of workers the firms should employ order to produce where there are increasing returns
Jane
what are implications of computing national income?.
agaba
pl
MUDASIRU
what is the formulae for calculating national income
MUDASIRU
it calculated by value added method
Praveen
classify the production units like agriculture, banking, transport etc
Praveen
money is anything that is generally acceptetable for human
Ogbaji
Estimate the net value added(NVA) at fixed cost by each industrial structure
Praveen
definition of unemployment
Adam Reply
what are the causes of unemployment?
Mbubi Reply
The main causes of unemployment are listed below. 1. Frictional unemployment 2. Cyclical unemployment 3. Structural unemployment
assani
We can also categorize the causes on a broader sense as: 1. Political and 2. Social cause As unemployeement root causes are embaded in this two.
Yonathan
would opportunity cost exist if there was no scarcity?
assani
yes just because the opportunity cost arose when there is Alternative to choose among the alternatives.
BADAMASIU
I am thinking that, if our resources were unlimited, then there wouldn't be any need to forgo some wants. Hence the inexistence if opportunity cost
assani
Politics
Job
politics has done what?
assani
consider time assani
Mary
I'm Emmanuel,...I taught the main cause is the change in gov't.
Emmanuel
...Lack of capital to set up a firm respectively
Emmanuel
🙈
Emmanuel
I would like to bring in Educational levels can also be the cause the cause of the problem respectively
Emmanuel
I think the main causes of unemployment is lack of INFRASTRUCTURAL DEVELOPMENT OVER POPULATION OVER DEPENDENT ON GOVERNMENT LACK OF SELF EMPOWERMENT...
ananti
lack of skills among the new generation is the serious issue.
Vishal
Where I come from , I don't see why education or personal aspects seem to do with unimployment, technically the motivation and eigerness in all works of live is there , dispite the cultural influence and physical bearriors;the thing we lacking is Government Support and open market ethics.
Joe
sorry about that-(repation). We have a over powering ethical political system that's displacing the marketing asspects of economy and causing large scale unemployment right across the board...
Joe
can someone Explain Expansionary Monetary Policy and Contractionary Monetary Policy Using one of the instrument of Monetary Policy? Please am kinda lost here?. ta
Emmanuel Reply
using a graph show the case of substitute and compliment goods
Ade Reply
can anyone give me a simple explanation to Five Sector Macroeconomics?
Emmanuel
Can someone please define what economics is
jason Reply
economics simply is a social science subject that study human behavior.
dajan
economics is a social science which studies human behaviour as a relationship between ends and scarce means that has alternative uses
Alao
Can someone please tell me how to calculate GDP
Emmanuel
emmanual kapal to calculate GDP (Gross Domestic Product) has three method in calculating it (1)income approach (2) expenditure approach (3) value added method
Alao
thanks Alae
Emmanuel
u are welcome
Alao
in basic terms economics is revered to as battery system, it date back to when Men sees the need to exchange sapless goods and produce to gain , either wealth , basic necessities or to establish trading ties for personal benefit or social asspects in terms of coexistence and continuity, future .
Joe
what is the law of demand
Berlinda Reply
keep other thing constant, when the price increases demand decrease when the price decreases demand increases of the commodity.
sj
all things being equal,quantity demanded decrease as price increase and increase as price decrease
Seth
there's practial joke to it ..." the higher the demand ; scarcity, increase in production and drop in quality"... quite the controversy - for example China vs Europe, United States and we are all boxed up in between somewhere...
Joe
Other thing remain constant the low price of commodity the high quantity of commodity and vice versa is true
Baraka
Explain Effective demand
Anita Reply
What is effective demand
Anita
like Modi is in demand...best example of effective demand
Pranav
Don't get you
Anita
Anita you mean you don't get me or who?
Onyeking
level of demand that represents a real intention to purchase by people with the means to pay
Pranav
Difference between extinct and extici spicies
Amanpreet 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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