The Modern View of Technological Advance Is That It Is

question 54

True/False

The modern view of technological advance is that it is an external force to which the economy adjusts.

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Definitions:

Internalized

Describes a process or value that has been incorporated within an individual's psychological framework and is reflected in their behavior or decision-making.

Equilibrium Quantity

The quantity of goods or services traded in a market at the equilibrium price, where the quantity supplied equals the quantity demanded.

External Cost

A cost borne by someone who does not participate in the transaction or decision that led to the cost, often associated with negative externalities.

Total Surplus

The sum of consumer and producer surplus in a market, indicating the overall economic benefit to society from market transactions.