Give a Definition of an Advance in Technology

question 96

Essay

Give a definition of an advance in technology.Suppose that you are drawing a PPF for civilian goods and military goods,describe the effect on the PPF of an advance in technology in both civilian goods and military goods.How would the impact on the PPF be different if the technological improvement only helped in the production of military goods,but not civilian goods?

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Definitions:

Capital Deficiencies

Situations where a business lacks the necessary funds or assets to support its operations and growth.

Income Ratios

Financial metrics that relate a company's income to other financial variables to assess performance, profitability, and efficiency.

Liquidation Proceedings

The legal process by which a company's assets are sold off to pay creditors when the company is unable to meet its financial obligations.

Noncash Assets

Assets that are not in the form of cash or cannot be easily converted into cash, such as real estate, equipment, or inventory.