Define the Following Terms

question 2

Short Answer

Define the following terms
-coding

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Definitions:

Technology

The application of scientific knowledge for practical purposes, especially in industry and improvements in equipment, machinery, and processes.

Input Prices

refer to the costs associated with the raw materials and components required for the production of goods and services.

Variable Inputs

Resources used in production that can be adjusted in the short term to change the level of output.

Long Run

A period of time in which all factors of production and costs are variable, allowing firms to adjust to market conditions.