ECONOMICS (CBSE/UGC NET)

ECONOMICS

TECHNOLOGY

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

What best refers to a combination of invention (advances in knowledge) and innovation, which is putting those advances to use in a new product or service?

A	Human Capital
B	Labor Productivity
C	Physical Capital
D	Technological Change

Explanation:

Detailed explanation-1: -A technological change (TC) can be defined as an increase in the outputs possible with a given level of inputs through the processes of invention, innovation, and diffusion.

Detailed explanation-2: -Technological innovation involves new or improved technology, such as new type of machinery or alteration of some form of technology into a product, processes or service delivery methods.

Detailed explanation-3: -Innovation means doing something new that improves a product, process or service. Many innovations can be protected through intellectual property (IP) rights.

Detailed explanation-4: -Technological change (TC) or technological development is the overall process of invention, innovation and diffusion of technology or processes.

Detailed explanation-5: -Sustaining, or incremental innovation. Breakthrough innovation. Disruptive innovation. Basic research. 07-Nov-2022

There is 1 question to complete.