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Technological Progress
Technological progress is a change in technology that improves production efficiency by reducing the amount of resources—such as labor, machines, land, energy, or time—needed to create a specific amount of output. This progress was the engine of the Industrial Revolution, leading to dramatic efficiency gains. For example, the time required to make a pair of shoes was cut in half within a few decades, with similar significant reductions in production time for activities like spinning, weaving, and factory-based production. This marked the start of a continuous revolution where production times for most products fell from one generation to the next.
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Technological Progress
Which of the following best describes the role of technology in society?
Which of the following is an example of how technology has advanced the field of medicine?
Which of the following fields has been significantly impacted by advancements in technology?
What is a key characteristic of technology as described in the course?
Social Classes in the Digital Age
Industrial Revolution
Example of Technology: Cake Production
Example of a Labor-Intensive Technology: Traditional Olive Oil Production
Example of a Capital-Intensive and Energy-Intensive Technology: Modern Olive Oil Production
Production Function
Fixed-Proportions Technology
Constant Returns to Scale
Example of Robotic Olive Oil Production Technology
Analysis of Production Technologies
A company that manufactures wooden chairs is considering several changes. From an economic standpoint, which of the following scenarios represents a change in the firm's production technology?
Analyze each production scenario and match it to the term that best describes its underlying technology, based on the dominant type of input required.
Evaluating a Firm's Strategy
From an economic standpoint, a firm that replaces its five-year-old delivery trucks with brand new, identical models has adopted a new production technology.
Identifying a Change in Production Technology
Classification of Production Technologies
Everyday vs. Economic Definition of Technology
Factor of Production (Definition)
Production Function (Definition)
Firm's Choice of Production Technology
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Measures of Technological Progress
Technological Progress and Wage Increase
Which of the following best describes the impact of technological progress on production efficiency?
How does technological progress typically affect the production process in various industries?
Which of the following is a direct result of technological progress in production?
Which of the following is an example of technological progress in manufacturing?
Mechanisms of Technological Improvement and Sustained Growth in Living Standards
Impact of New Technologies on Labor Productivity
Analyzing Historical Production Changes
Analyzing Production Efficiency
Evaluating a Production Shift
A manufacturing plant that produces bicycle frames manages to double its weekly output from 500 to 1,000 frames. Which of the following scenarios is the best example of this increase being caused by technological progress?
A pottery workshop doubles its daily output of ceramic mugs. Four different changes were made at the workshop. Which of the following changes best exemplifies technological progress as the cause for the increased output?
Distinguishing Sources of Production Growth
Societal Expectation of Technological Progress
The Continuous Nature of Technological Revolution
Industrial Revolution as a Succession of Technological Changes
General-Purpose Technology
The Central Problem of Modern Economic History: From Stagnation to Progress
Interplay of Firms, Competition, and Technological Progress