Table 3-1 -Refer to Table 3-1.The Farmer and the Rancher Both Could

question 29

Multiple Choice

Table 3-1

-Refer to Table 3-1.The farmer and the rancher both could benefit if the farmer were to specialize in

• A)meat and the rancher were to specialize in potatoes.
• B)potatoes and the rancher were to specialize in meat.
• C)neither good and the rancher were to specialize in both goods.
• D)none of the above; they cannot both benefit by specialization and trade.

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Definitions:

New Technology

Refers to the latest innovations and advancements in technology that have not been widely adopted or utilized yet.

Automation

Automation involves the use of technology to perform tasks without human intervention, typically to increase efficiency, accuracy, and productivity.

Information Processing

The method by which humans or computers take in information, interpret it, and then respond to it.

Sustainability

An organization's ability to profit without depleting its resources, including employees, natural resources, and the support of the surrounding community.