[Measure humidity]

Is there an electronmic component, say a digital humidity sensor, that i can use to build a portable weather station? Maybe something compatible with the PICAXE series microcontroller?

[555 timer]

Some manufacturers might find it cheaper to use existing technology than to design a new chip from the ground up, a process which can be VERY lengthy and expensive.  Although in my experience it seems quite the contrary. I find less components are used as of late in favor of such microprocessors.