Technology and Capital Are Considered as Two Separate Factors of Production

question 35

True/False

Technology and capital are considered as two separate factors of production.

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Definitions:

Efficiency Wage Model

An economic theory suggesting that higher wages might lead to increased productivity by attracting better employees and increasing worker motivation.

Electronic Devices

Gadgets like smartphones, laptops, and tablets that operate on electrical power and digital information.

Supply of Labor

The total hours that workers in the economy are willing and able to work at a given wage rate.

Demand for Labor

The total amount of workers employers are willing and able to hire at a given wage rate in a certain period.