What Is the Difference Between Technology and Technological Change

question 233

Multiple Choice

What is the difference between technology and technological change?

• A) Technology refers to the processes used by a firm to transform inputs into output, while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.
• B) Technology is carried out by firms producing physical goods, but technological change is an intellectual exercise in seeking ways to improve production.
• C) Technology is product centred, that is, developing new products with our limited resources, while technological change is process centred in that it focuses on developing new production techniques.
• D) Technology involves the use of capital equipment, while technological change requires the use of brain power.

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Definitions:

Systematic Trends

Patterns or movements in data that consistently occur over a specified period, indicative of a broader phenomenon or change.

Equilibrium Price

The equilibrium price is the market price at which the quantity of goods supplied equals the quantity demanded, leading to a balance in the market.

Market

A space or system in which parties engage in exchange, buying and selling goods and services.

Price

The monetary total projected, essential, or disbursed as payment for an item.