In Economics, Technology Only Refers to the Development of New

question 6

True/False

In economics, technology only refers to the development of new products.

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Definitions:

Technological Innovation

The process of developing and introducing new technologies or improving existing ones to solve problems or enhance capabilities.

Turnover Reductions

Efforts or strategies aimed at decreasing the rate at which employees leave an organization and need to be replaced.

Labor Surplus

A labor surplus occurs when there are more workers available than jobs, leading to unemployment and underemployment.

Hiring Freeze

A temporary halt in the recruitment process of an organization aimed at reducing costs.