2. Meaning of Science
Science is an approach involving the use of several
key values or standards.
Essential components of scientific approach
• Accuracy
• Objectivity
• Skepticism
• Open-mindedness
Scientists are engaged in the construction of
theories which explain events & processes.
3. Role of Science in economic
development
1. Inventions : The creation of new idea. It can be
the creation of a new technique or a new
combination of resources.
2. Innovation: It is the practical application of an
invention. It is the use of an idea into production
process.
3. Economies of diffusion: It is concerned with the
speed with which an innovation is accepted.
Hence, we can say that science, through innovation,
stimulates the process of economic development.
4. Meaning of Engineering
• Engineering deals with design, building and
maintenance of machines, devices and
structures.
• It involves the application of scientific
knowledge for the betterment of quality of as
life economically as possible.
5. The Purpose of an engineer differ from
a scientist
• The purpose of a scientist is to add to mankind`s
knowledge and discover universal laws.
• The purpose of an engineer is to apply this
knowledge to particular situation to produce
products and services economically or cost
effectively.
• Cost factor or economy is the main consideration
for an engineer.
6. Role of Engineering in economic
development
• Engineering plays an important role in
economic development by helping:
1. Mechanization of production process
2. Development of infrastructure
7. Mechanization of production process
• Mechanization - Various operation required for
various stages of production are done with the help
of machine instead of manual labour.
• Engineering makes it possible to construct such
machines for different sectors involved in production.
• Today, most of industrial production is dependent on
the use of machines.
8. Benefits of Mechanization
• Large scale manufacturing
• Saves time and labour
• The per unit production cost is also reduced
• Many complicated and complex operations
are possible with the help of machines.
Mechanisation leads to economic
development by increasing productive
capacity of the economy
9. Development of infrastructure
• Infrastructure- Engineering is extensively used in the construction
of various means of infrastructure like means of transport, means
energy and communication.
• Application of engineering has made it possible to construct various
components of infrastructure efficiently, economically and rapidly.
• Good infrastructure raises productively and lower production cost.
By creating machines and constructing various components of
infrastructure, engineering sitimulates the process of economic
devlopment
10. Meaning of Technology
Technology is the current state of our knowledge
of how to combine resources to produce desired
products, solve problems, fulfill needs etc.
We define technology as “means, skills,
knowledge or procedure for making, using and
doing useful things.”
11. Role of Technology in economic
development
Technological change or advancement is the
prime mover in the course of economic
development.
Development consists primarily in employing
technology for production process. It uses
existing resources in a different way.
Technology leads to greater output, shorter
working hours, creation of various skilled jobs
etc.
