The Transformation of Simple Traditional Technology to More Complex Ones

question 7

Multiple Choice

The transformation of simple traditional technology to more complex ones is

• A) modernization.
• B) urbanization.
• C) technocracy.
• D) modern revolution.
• E) modern development.

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Definitions:

Finished Goods Inventory

Inventory of finished goods available for sale but not yet purchased by customers.

Factory Overhead

Indirect costs associated with manufacturing operations, such as utilities, maintenance, and salaries of supervisory personnel.

Direct Materials Purchased

This involves the acquisition of raw materials that are directly used in the manufacturing of a product, constituting a significant portion of the production cost.

Accounts Receivable

Amounts due to a firm from its customers for delivered services or products that remain unpaid.