Technology: An Enabler
Technology is the application of scientific knowledge to practical purposes. It does not always mean modern electronics; a simple pulley is also technology.
- Role: Helps produce more goods with fewer inputs.
- Examples:
- UPI: Instant payments.
- GPS: Efficient transport routes.
- Drones: Spraying fertilizers on farms.
- Online Learning: Platforms like SWAYAM and National Career Service bridge the gap between skills and jobs.
Interconnectedness of Factors
The four factors (Land, Labour, Capital, Entrepreneurship) must work together.
- Labour-Intensive: Agriculture, handicrafts (rely more on people).
- Capital-Intensive: Satellites, semiconductors (rely more on machines).
The Supply Chain
A supply chain is the network of individuals, organizations, resources, and technology involved in creating and selling a product. Global events (like COVID-19) can disrupt these chains if we rely too much on far-off sources.
Case Study: Mobile Phone Assembly
India is the world’s second-largest mobile phone manufacturer. The process involves complex coordination.
Note
Did You Know? Various engineers (software, electrical, mechanical) work together to create a single phone. This shows how human capital drives the technological process.