Late 1960s - Early 1970s: Third Generation Computers One of the most important advances in the development of computer hardware in the late 1960s and early 1970s was the invention of the integrated circuit, a solid-state device containing hundreds of transistors, diodes, and resistors on a tiny silicon chip. It made possible the production of large-scale computers (mainframes) of higher operating speeds, capacity, and reliability at significantly lower costs. Another type of computer developed at the time was the minicomputer. It profited from the progresses in microelectronics and was considerably smaller than the standard mainframe, but, for instance, powerful enough to control the instruments of an entire scientific laboratory. Furthermore operating systems, that allowed machines to run many different programs at once with a central program that monitored and coordinated the computer's memory, attained widespread use.

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Division of labor The term refers to the separation of a work process into a number of tasks, with each task performed by a separate person or group of persons. It is most often applied to mass production systems, where it is one of the basic organizing principles of the assembly line. Breaking down work into simple, repetitive tasks eliminates unnecessary motion and limits the handling of tools and parts. The consequent reduction in production time and the ability to replace craftsmen with lower-paid, unskilled workers result in lower production costs and a less expensive final product. The Scottish economist Adam Smith saw in this splitting of tasks a key to economic progress by providing a cheaper and more efficient means of producing economic goods.

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