ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The resources used to produce goods and services (labor & capital).
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The technical means for producing goods & services.
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Either A or B
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None of the above
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Detailed explanation-1: -Basically, it is a set of technological actions through which the subject of processing passes, in order to get another usable quality instead of one (a new physical product from raw materials and materials, with other usable characteristics).
Detailed explanation-2: -Technological progress allows for the more efficient production of more and better goods and services, which is what prosperity depends on. However, the mechanisms through which technology is developed, adopted and used in production are complex.
Detailed explanation-3: -Which means the level of technique or technology that allows new capital to be in use or that sets the innovation and technological level in a productive society. It can be related to productivity or to goods and services level of innovation.
Detailed explanation-4: -Automation can create goods more cheaply and easily. Businesses can hire factory workers across the world. Container ships can transport a number of goods at once.
Detailed explanation-5: -Definition. Production technology refers to all measures and facilities for the industrial production of goods. The basis is the transfer of scientific knowledge into technologically controllable and economically usable production systems.