Technology That Is Characterised by Low Initial Costs and High

question 95

Multiple Choice

Technology that is characterised by low initial costs and high operating costs is termed

• A) a quality circle.
• B) capital-intensive.
• C) an industrial installation.
• D) labour-intensive.
• E) a process layout.

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Definitions:

Economic Question

A query that addresses how to allocate scarce resources to satisfy unlimited wants and needs.

Invisible Hand

A metaphor for the self-regulating nature of the marketplace that guides individuals to unintentionally benefit society through the pursuit of their own interests.

Adam Smith

An 18th-century Scottish economist and philosopher, best known for his works on the principles of free market economics.

Pure Capitalism

An economic system characterized by private ownership of the means of production and the creation of goods or services for profit without governmental interference.