When Economists View Technological Change as Internal to the Economy

question 80

Multiple Choice

When economists view technological change as internal to the economy, they mean that it

• A) occurs randomly.
• B) occurs accidentally.
• C) arises deliberately from the profit motive and competition.
• D) arises mainly from government subsidies.

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Definitions:

Supply Management

The process of managing the acquisition of goods and services for an organization, focusing on optimizing cost, quality, and delivery.

Decrease Costs

The process or strategy of reducing the amount of money required for operations, production, or other activities within an organization.

Increase Revenues

The process of enhancing the income generated by a business through either increased sales, improved pricing strategies, or expanding market reach.

Manufacturing Organizations

Companies engaged in the production of goods through the use of labor, machines, tools, and chemical or biological processing or formulation.