Technology

Definition

Technology refers to the application of scientific knowledge or methods for practical purposes. It includes inventions, innovations, and improvements that enhance productivity.

Related terms

Research & Development (R&D): Refers to activities undertaken by companies or organizations aimed at discovering new knowledge or improving existing products/processes.

Innovation: Refers to the process of turning new ideas into marketable products or services.

Productivity Growth: Refers to an increase in output per unit of input due to technological advancements or improved efficiency.