What Is One Way That Technology Can Improve The Production Of Goods??

All points inside PPF are inefficient points. These points are attainable (e.g., point U), but they are not using the resources at the fullest. … Point Z could be attained only if technology or/and resources increase and the economy shifts its PPF to the right.

What is the best definition of technology?

The definition of technology is science or knowledge put into practical use to solve problems or invent useful tools. … An example of technology is the Internet which has made up-to-date information available to anyone with access in a matter of moments and provides real time information about events around the world.

Which factors are considered when deciding how do you make goods and services choose three answers?

Factors considered when deciding how to make goods and services are land, labor and capital. Explanation: In an economy, to make any goods and services in a better way we need three things – land, labor and capital.

What is a typical way the government can reduce unemployment?

In a mixed market economy, what is a typical way the government can reduce unemployment? The government can pay for projects to create work.

How would a manufacturer benefit by using fewer scarce resources?

How would a manufacturer benefit by using fewer scarce resources? The product would be less expensive to produce.

What is one way a market economy affects?

What is one way a market economy affects the lives of private citizens? Citizens can change jobs relatively easily. Which statement best describes a command economy? The government determines economic choices and makes most decisions. Which nation has a socialist command economy?

What is one negative consequence of using automation to improve manufacturing production?

One negative consequence of using automation to improve manufacturing production is that? (i) production will often slow down.

What is best definition of automation?

1 : the technique of making an apparatus, a process, or a system operate automatically. 2 : the state of being operated automatically.

Which statements describe effects of changes in information technology?

Statement 3, 4 and 5 are describe effects of changes in information technology. Explanation: Changes in information technology create both positive and negative effect.

How do economics use data?

Economic data provide an empirical basis for economic research, whether descriptive or econometric. Data archives are also a key input for assessing the replicability of empirical findings and for use in decision making as to economic policy.

What is one possible effect of high unemployment in a mixed market economy?

What is one possible effect of high unemployment in a mixed market economy? A lack of income will weaken the buying power for many people.

What is technology technology economics?

Technology, for economists, is anything that helps us produce things faster, better or cheaper. … But when economists talk about technology, they’re thinking more broadly about new ways of doing things. In this sense, processes like assembly line production or creating medical vaccines are considered technologies.

What is positive technological change technological change?

Whenever a firm experiences positive technological change, it is able to produce more output using the same inputs, or the same output using fewer inputs. Positive technological change results from rearranging the layout of a store, faster or more reliable machinery, etc.

What is technological change technological change is when?

A technological change (TC) can be defined as an increase in the outputs possible with a given level of inputs through the processes of invention, innovation, and diffusion.

How does technology help economic development?

In economics, it is widely accepted that technology is the key driver of economic growth of countries, regions and cities. Technological progress allows for the more efficient production of more and better goods and services, which is what prosperity depends on.

How technologies influence the economic aspects?

The most significant impact of technology is greater productivity. The example of quantitative increase is more production at less cost. … As a result of increase in productivity, real wages of employees increase and prices of some products decline.

What is an example of technology in economics?

Technology, for economists, is anything that helps us produce things faster, better or cheaper. In this sense, processes like assembly line production or creating medical vaccines are considered technologies. Even social or political things like language, money, banking, and democracy are considered technologies.

How can the use of new technology in industry benefit producers?

How can the use of new technology in industry benefit producers? Producers can transport goods around the world. … How can the use of new technology in industry benefit workers? Workers can gain new knowledge and skills.

Which of the following best explains why improvements in communication technology allow people to make better economic decisions?

Which best explains why improvements in communication technology allow people to make better economic decisions? … Better communication makes it easier to get the information needed to come to a well-informed decision.

How does technology affect the advancement of science quizlet?

How does technology affect the advancement of science? New technological developments allow scientists to look at what they are studying in different ways, which usually allows them to further understand what they are studying.