Technology Is

question 17

Multiple Choice

Technology is

• A) the application of scientific knowledge to build products that customers desire.
• B) the application of knowledge and tools to solve problems and perform tasks more efficiently.
• C) applied sciences.
• D) one of the weakest marketing environment forces.
• E) the result of research performed primarily by universities.

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Definitions:

Productivity

The efficiency of production measured by the output per unit of input.

Standard of Living

The measure of fiscal prosperity, convenience, material assets, and critical needs granted to a select socioeconomic layer or specific geographic territory.

Goods and Services

Physical items (goods) and intangible assistance or work (services) provided to satisfy the needs and wants of consumers.

Total Supply of Money

The total amount of monetary assets available in an economy at a specific time, including cash, bank deposits, and liquid assets.