ABSTRACT
Technology is merely a systematic way of accomplishing a particular task. Each of you has a technology for reading this text and using it as a part of your study in industrial location. Some of you read hurriedly to skim ideas, and then may review the text after hearing a lecture or participating in a class discussion. Others of you read very intensely, highlighting and noting nearly every definition and point made and then not reviewing these notes at all until a final examination. Your purpose or your product is the same-to learn material to be covered in some examination or future study. However, based on your own abilities, strengths, time constraints and past experiences, you have devised different technologies for the same desired output. Similarly, different companies may develop different technologies for production of very similar outputs. Is one technology “better” than another? Yes, if one method of production yields better or greater output with the same inputs of time and capital. Given the range of inputs available to you and your classmates, or to different companies, or in different regions of
the world, there is little surprise at the range of technologies in use simultaneously to produce similar outcomes.
