Technological Advance Is a Three-Step Process Involving

question 143

Multiple Choice

Technological advance is a three-step process involving

• A)invention, duplication, and diffusion.
• B)duplication, innovation, and diversity.
• C)invention, innovation, and diffusion.
• D)necessity, invention, and solution.

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Definitions:

Aggregate Supply

The total supply of goods and services that firms in an economy plan on selling during a specific time period, at given price levels.

Natural Rate

The long-term unemployment rate around which the labor market is in equilibrium, unaffected by short-term fluctuations.

Unemployment

The condition of being without a job while actively looking for employment and being willing to work.

Potential GDP

An estimate of the maximum output an economy can produce when it is most efficiently utilizing all available resources.