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PRINCIPLES OF TECHNOLOGY Technological advancement has been the greatest single source of economic growth from the 20th into the 21st century. Our material lives are better than our elders since technology has helped the production of goods and services. It has created new products for example: CD players and has improved existing ones such as washing machines. We can’t have any of these things without production. There are three basic factors of production: land, labor and capital. Land is a naturally occurring goods such as soil and minerals. Labor is the human effort used in production. Capital is goods that are used in the production of other goods, such as machinery, tools and buildings. An increase in production is therefore taken to be the result of an increase of these factors. Land will always be an essential for production. As it becomes sparser the more valuable it will come. It is necessity for us to survive. It is how we grow our food, where we build our homes and where we work. Technology, as it becomes small