Modular design describes components or other independent units which fit together using standard interfaces. This simplifies creation of alternative configurations to extend or customize a range of products. Examples range from buildings to farm machinery to automobiles.
Glossary
Monopoly
The term monopoly is used to describe a market in which a single firm controls the vast majority of the market for a given product or service. A monopoly is characterized by a lack of competition (so reduces customer choice) and this can lead to higher prices and sub-standard goods or services.
Moore’s Law
Moore’s Law estimates the growth of component density on an integrated circuit. It was proposed in 1965 by Gordon Moore, a semiconductor pioneer. In 1975, Moore refined the estimate to a doubling – that is, twice as many components – every two years.
Doubling every two years was a good predictor between about 1970 and 2015. Since about 2015, advances in performance, cost and miniaturization have depended less on component density per integrated circuit, and more on other techniques. Even so, the improvement is often still referred to as Moore’s Law.