Technology refers to the knowledge, tools, and techniques used in the production of goods and services. It encompasses innovations that improve efficiency, reduce costs, and enhance productivity.
Related terms
Innovation: The introduction of new ideas or methods that result in improvements in products or processes.
Research and Development (R&D): Activities undertaken by businesses or organizations to discover new knowledge or develop new technologies.
Automation: The use of machines or computer systems to perform tasks that were previously done by humans.