The Technology Life Cycle Begins with

question 34

Multiple Choice

The technology life cycle begins with

• A)the bringing together of knowledge and ideas.
• B)refinement and evolution as the technology is improved.
• C)recognition of a need coupled with potential to satisfy that need through science or knowledge.
• D)the decline in usefulness or practicality of a competing product,process or service.
• E)recognition that a new technology is economically practical.

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Definitions:

Structural Unemployment

An unemployment scenario where there's an incongruence between the skillsets provided by the labor market and those needed by employers.

Efficiency Wages

Wages that are deliberately set above the market equilibrium to increase productivity by attracting better applicants, reducing turnover, or increasing worker effort.

Equilibrium Level

The state in which market supply and demand balance each other, and as a result, prices become stable.

Structural Unemployment

A situation where there is a mismatch between the skills workers have and the skills needed by employers due to technological changes or other factors.