In Economics,"technology" Is Defined as

question 49

Multiple Choice

In economics,"technology" is defined as

• A) the knowledge available for use in production.
• B) things like computers and wireless networks.
• C) advanced equipment and machinery.
• D) equally available for all firms.
• E) being constant and unchanging.

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Definitions:

Fixed Costs

Costs that do not fluctuate with the volume of production or sales, such as rent, salaries, and insurance premiums.

Variable Costing

An accounting method in which costs that vary directly with production volume (such as materials and labor) are included in product costs, whereas fixed costs are not.

Absorption Costing

A system of accounting that entails adding all expenses incurred in production, including direct materials, direct labor, and both variable and fixed overheads, into the cost calculation of a product.

Product Cost

The total cost of manufacturing or purchasing a product, including raw materials, labor, and overhead expenses.