Principles of Macroeconomics / Unit 4 MAC 0311 short lesson, about 20 seconds
Technology: Invention and Innovation
Captions available
The idea
Technology is anything that makes the same inputs produce more. Invention is the advance in knowledge; innovation is putting it to work.
In practice
The transistor was invented in nineteen forty-seven and took years to reach products.
Where people slip
Technology includes ways of organizing work, not only devices. The assembly line raised output with no new machine in it.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Builds on
Something wrong in this lesson? Flag it · Sources for Principles of Macroeconomics