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Some of the students at your university who live in the dorm buildings are asked to fill out a room questionnaire before they return their dorm key. After all of the questionnaires have been collected,
The director of Student Life announces that 94% of students who lived on campus are happy with the Current conditions of the dorm rooms. This study is an example of a
Technological Advance
(1) An improvement in the quality of existing products, the invention of entirely new products, or the creation of new or better ways of producing or distributing products. (2) Any improvement in the methods by which resources are combined such that the same quantity of inputs can be made to yield a combination of outputs that is preferred to any combination of outputs that was previously possible.
Freedom of Choice
The right of individuals to make decisions for themselves without undue government restriction.
Society's Wants
The collective desires and needs of a community or society that drive demand and economic activity.
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