Give a Definition of an Advance in Technology

question 96

Essay

Give a definition of an advance in technology.Suppose that you are drawing a PPF for civilian goods and military goods,describe the effect on the PPF of an advance in technology in both civilian goods and military goods.How would the impact on the PPF be different if the technological improvement only helped in the production of military goods,but not civilian goods?

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Definitions:

Duress

A situation where a person performs an act as a result of violence, threat, or other pressure against them, questioning the voluntariness of their actions.

Fraudulent Misrepresentations

False statements made knowingly, or without belief in their truth, or recklessly without caring for their truth, which are intended to induce another party to enter into a contract.

International Business

The exchange of goods, services, technology, capital, and/or knowledge across national borders and at a global or transnational life.

Chinese Firms

Businesses that are registered and operate out of China, under Chinese jurisdiction.