Technology Is

question 84

Multiple Choice

Technology is

• A)anything that will enable a given amount of capital and labor to produce more output.
• B)another name for capital.
• C)another name for productivity.
• D)any type of invention.
• E)the application of science to production.

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Definitions:

Common Property

A type of good that is non-excludable and rivalrous, meaning it is accessible to all but can be depleted through use.

Overused

Refers to the excessive use of a resource or item to the point where it diminishes its value or leads to its degradation.

Efficient Outcome

A situation in which resources are allocated in the most optimal way, often leading to the maximum possible benefit.

International Boundary

The officially recognized line that separates one country from another, defining the geographical limits of sovereign jurisdictions.