Technology can be most broadly defined as the entities, both material and immaterial, created by the application of mental and physical effort in order to achieve some value. In this usage, technology refers to tools and machines that may be used to solve real-world problems.
It is a far-reaching term that may include simple tools, such as a crowbar or wooden spoon, or more complex machines, such as a space station or particle accelerator. Tools and machines need not be material; virtual technology, such as computer software and business methods, fall under this definition of technology.
W. Brian Arthur defines technology in a similarly broad way as “a means to fulfill a human purpose.” The invention of integrated circuits and the microprocessor (here, an Intel 4004 chip from 1971) led to the modern computer revolution.
The word “technology” can also be used to refer to a collection of techniques. In this context, it is the current state of humanity’s knowledge of how to combine resources to produce desired products, to solve problems, fulfill needs, or satisfy wants; it includes technical methods, skills, processes, techniques, tools and raw materials.
When combined with another term, such as “medical technology” or “space technology,” it refers to the state of the respective field’s knowledge and tools. “State-of-the-art technology” refers to the high technology available to humanity in any field.
Technology can be viewed as an activity that forms or changes culture. Additionally, technology is the application of mathematics, science, and the arts for the benefit of life as it is known.
A modern example is the rise of communication technology, which has lessened barriers to human interaction and as a result has helped spawn new subcultures; the rise of cyberculture has at its basis the development of the Internet and the computer.
As a cultural activity, technology predates both science and engineering, each of which formalize some aspects of technological endeavor.
Information courtesy: Wikipedia