Examlex
An audio signal can be digitized in two ways: a sound board and MIDI board.
Technological Advance
The development and application of innovative tools, machines, materials, and processes that improve efficiency and productivity.
Allocative Efficiency
A state of resource allocation in which it is impossible to make anyone better off without making someone else worse off, often achieved when the value placed on goods and services by consumers is aligned with the costs of producing them.
Productive Efficiency
A state where an economy or entity can no longer produce more of one good without reducing the production of another good, implying that production occurs at the lowest possible cost.
Creative Destruction
A process in capitalism described by economist Joseph Schumpeter, where outdated products, technologies, or companies are replaced by new innovations.
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