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If the price of smartphones was to increase,then
Human Capital
The collective skills, knowledge, and other intangible assets of individuals that can be used to create economic value.
Surplus Labor
This term refers to the portion of the labor force which is not currently being employed to its full potential, often leading to unemployment or underemployment in an economy.
Agriculture
The science or practice of farming, including cultivation of the soil for the growing of crops and the rearing of animals to provide food, wool, and other products.
Capital-Using Technological Advance
A capital-using technological advance refers to innovations that increase the amount of capital per worker used in the production process, potentially enhancing productivity but also increasing capital costs.
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