The Technology Life Cycle Begins with

question 30

Multiple Choice

The technology life cycle begins with

• A) The bringing together of resources and entrepreneurial initiative.
• B) Refinement and evolution of a new technology.
• 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:

Direct Materials

Raw materials that can be directly attributed to the production process of a product and are clearly identified as part of the finished product.

Manufacturing Overhead

All manufacturing costs that are not directly involved in the production process, such as maintenance, supervision, and utilities.

Operating Expenses

Costs related to the normal operations of a business, such as salaries, rent, and utilities, but excluding cost of goods sold.

Property Taxes

Taxes assessed on real estate by the government, typically based on the property's value.