The term that best describes what happens when fewer workers are needed to produce the same amount of output with the same amount of capital is

Question

Quizplus · Accepted Answer

Labor-saving technological change refers to a situation where fewer workers are needed to produce the same amount of output with the same amount of capital. This is often achieved through the adoption of new technologies and automation, which can lead to increased productivity and efficiency in the production process. In contrast, capital-saving technological change refers to a situation where less capital is needed to produce the same amount of output, which is not the case in this scenario.

The Term That Best Describes What Happens When Fewer Workers