Production Technology

Definition

Production technology refers to the methods, tools, and equipment used in the manufacturing or production process of goods and services.

Related terms

Labor-saving Technology: This term refers to any technology that reduces the amount of human labor required for production.

Capital: In economics, capital refers to the machinery, equipment, and tools used in the production process.

Productivity: Productivity measures how efficiently inputs (such as labor and capital) are transformed into outputs (goods or services).