Technology Is Defined in Economics as

question 98

Multiple Choice

Technology is defined in economics as

• A)output beyond the production possibilities boundary.
• B)the utilization of the most advanced machinery.
• C)society's pool of applied knowledge concerning how goods and services can be produced.
• D)the most advanced computer hardware and software.

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Definitions:

Direct Labor

Labor costs directly associated with the manufacture of products or provision of services, such as wages for assembly line workers.

Manufacturing Overhead

Manufacturing overhead includes all indirect costs associated with the production process, such as utilities, maintenance, and salaries of non-direct labor employees.

Ceramic Tile

A durable, hard flooring material made from clay that has been fired in a kiln, commonly used for floors, walls, and backsplashes.

Fixed Expense

An expense that does not change with the level of production or sales, such as rent, salaries, and insurance.