Define the Concepts "Culture Lag," and "New Technology

question 73

Essay

Define the concepts "culture lag," and "new technology." Provide an example to illustrate how the introduction of a new technology in society produced a condition of culture lag.

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Definitions:

Assets

Economic resources owned or controlled by a business, expected to provide future benefits.

Total Assets

The sum of all assets owned by a business, including both current and non-current assets.

New Building

This term refers to the accounting classification of a recently constructed building as a fixed asset, which will be subject to depreciation over its useful life.

Cash

A form of currency that can be used to exchange goods, services, or to settle debts.