The first computer was created in 1936 before this, everyday calculation was very time consuming. The use of the abacus and sliding ruler were the only methods of calculation, and provided a great margin for error. The creation of the computer chips greatly improved the living standard in the world. The development of computer chips led to the lowering of cost to consumers, created numerous medical advances and is used to protect ourselves and our loved ones.

The effects of computer chips on the economy are the results of lowered prices that the consumers benefit from. In major upscale department stores, computers chips are attached to the tags of expensive clothing. These new high tech tags are used to keep track of inventory and prevent the theft of the merchandise. As a result, consumers save money on the goods they buy because companies no longer compensate for possible stolen...