Neologism

A neologism (knee-all-uh-jih-zum) is a fun way of saying "a new word or phrase." Certain words are created, especially with new technology. For instance, 100 years ago, the word microchip was not in the dictionary. It came along with the advent (beginning) of the computer. In fact, if you used the word computer 100 years ago, it would have meant someone who adds figures, like an accountant. 

When new words enter our vocabularies and our dictionaries, they are neologistic, or neo- (new) + -logistic (thinking). New words are added yearly to most dictionaries, depending on the advances made in technology, science, math, and other fields of study. However, neologisms enter our personal vocabularies much more frequently through new slang.