The development of new goods and better ways of producing goods and services is
A)technological change.
B)the big tradeoff.
C)allocative efficiency.
D)capital accumulation.
E)production efficiency.

Question

Quizplus · Accepted Answer

Technological change refers to the development of new goods and better ways of producing goods and services. It is an important driver of economic growth and can lead to increased productivity and efficiency. The other choices, such as the big tradeoff, allocative efficiency, capital accumulation, and production efficiency, are important concepts in economics but do not specifically refer to the development of new goods and production methods.

The Development of New Goods and Better Ways of Producing