Explain and Give Specific Examples of How Science and Technology

question 47

Essay

Explain and give specific examples of how science and technology is both functional and dysfunctional to society.

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Definitions:

Willingness to Pay

The maximum amount an individual is prepared to spend on a good or service, reflecting the value they derive from it.

Pumpkin Market

A conceptual term that might refer to a market for pumpkins, illustrating principles of supply, demand, and seasonal fluctuations.

Consumer Surplus

The difference between the total amount that consumers are willing to pay and the total amount they actually pay.

Surplus I

A situation where the quantity supplied of a product exceeds the quantity demanded at the current price.