Information Systems Technology Can Be Viewed as a Factor of Production

question 45

True/False

Information systems technology can be viewed as a factor of production that can be substituted for traditional capital and labor from the point of view of economics.

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Definitions:

GDP

Gross Domestic Product, a measure of the total economic output of a country, representing the value of all goods and services produced over a specific time period.

Contribution

The act of providing something, such as effort, money, or resources, to a common pool or goal.

Real GDP

The measure of a country's economic output that accounts for inflation or deflation, giving a more accurate picture of an economy's size and how it's growing over time.

Used Goods

Items that have been owned and used by someone else before being sold or passed on to another person.