Graphic Example of Technology

One definition I give my AP economics class is that a technological improvement happens when you can make more than before with the same resources.  Another definition is when you can make more faster.  The May 21, 2012, WSJ, provided an excellent example showing how the number of man-hours needed to make a ton of steel has fallen. 

In addition, the steel industry has seen a fall of employment from approximately 500,000 in 1970 to 150,000 in 2012. 

Less man hours and less time to make a ton translates into a technological improvement that should make sense to all AP students.

Other AP lessons that can be learned from the article include: 1) imports from foreign countries have forced US firms to become more efficient. 2) Competition between firms leads to best practices and a lower average total cost of production.  The article called this twinning. 3)  A shift to skilled labor in a traditionally unskilled market.  The article cited a source as saying, "Steel working used to be 80% back and 20% brain.  Now it's the reverse." 

This last quote just shows that eduction leads to efficiency and improvement.