The Application of New Technologies to the Production Process Will

question 78

Multiple Choice

The application of new technologies to the production process will increase:

• A)average labor productivity.
• B)the share of the population employed.
• C)the unemployment rate.
• D)the quantity of human capital.

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Definitions:

Late Majority

The last group of buyers to enter a new product market; when they do, the product has achieved its full market potential.

Early Adopters

The second group of consumers in the diffusion of innovation model, after innovators, to use a product or service innovation; generally don’t like to take as much risk as innovators but instead wait and purchase the product after careful review.

Fashion Trends

The direction in which fashion is moving, with changes in consumer preferences leading to the popularity of certain styles, fabrics, or themes in a given season or period.

Product Life Cycles

Describes the progression of a product through different stages from its launch to discontinuation, highlighting changes in marketing, production, and sales strategies over time.