The Textbook Classifies Technology as _______ and Entrepreneurs as _______

question 85

Multiple Choice

The textbook classifies technology as _______ and entrepreneurs as _______ .

• A)knowledge; persons who seek profit
• B)capital; labor
• C)labor skills; capital
• D)a factor of production; a factor of production

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Definitions:

World Food Production

The total quantity of food produced globally, encompassing all agricultural activities aimed at growing crops and raising livestock.

Technological Improvements

Enhancements or upgrades in technological tools, systems, and procedures that increase efficiency or effectiveness.

Malthus

Refers to Thomas Malthus, an English economist and demographer known for his theory that population growth will outpace agricultural production, leading to widespread poverty.

Diminishing Marginal Returns

An economic principle stating that as more of a variable input is added to a fixed input, the additional output gained from each new unit of variable input will eventually decrease.