Technical Change Which Results in a Change in the Production

question 67

Multiple Choice

Technical change which results in a change in the production process is known as

• A) disembodied technical change.
• B) embodied technical change.
• C) per-capita technical change.
• D) technical catch-up.

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Definitions:

Economic Growth

Economic growth refers to an increase in the productive capacity of an economy, evidenced by a rise in national income, goods, and services over a period of time.

Technology Advances

The progression and innovation in technology that improve efficiency, productivity, and the quality of life.

Additional Resources

Resources available in addition to those already being used or allocated, often referring to economic or educational assets.

Factors Of Production

The inputs required for the creation of goods or services, typically classified into labor, capital, and natural resources.