That's correct! Technology indeed involves the application of knowledge, skills, tools, and methods to create products, services, or solve problems in an effective and efficient manner. It can encompass a wide range of activities, from developing new machinery and software to improving existing processes in industries such as manufacturing, healthcare, transportation, and communication.

In essence, technology leverages scientific and practical insights to enhance productivity, create new value, and meet societal needs. It plays a crucial role in driving innovation and progress across various fields.