In Economics, Technology Only Refers to the Development of New

question 6

True/False

In economics, technology only refers to the development of new products.

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Definitions:

Overproduction

The situation where more goods are produced than can be sold, leading to excess supply and often a drop in prices.

Boston Symphony Orchestra

A major American orchestra based in Boston, Massachusetts, known for its high-quality performances and recordings.

Firm

A business organization, such as a corporation, partnership, or sole proprietorship, that sells goods or services.

Factor Markets

Markets where productive resources (like labor, land, and capital) are bought and sold.