Technology is:
A) knowledge that can be applied to the production of goods and services.
B) generally unlimited in modern economies.
C) a graphical illustration of the alternative combinations of goods and services an economy can produce.
D) the resources the economy has available to produce goods and services.

Question

Quizplus · Accepted Answer

Technology refers to the knowledge and techniques that are applied to the production of goods and services. It involves using scientific knowledge and skills to create new products, processes, and techniques to improve efficiency, productivity, and quality.

B, C, and D are incorrect as they do not accurately define technology. B is incorrect because there are limits to technology in terms of availability of resources and technological capabilities. C is incorrect as it refers to the production possibilities frontier, which is a different concept in economics. D is incorrect as resources refer to the factors of production, such as labor, capital, and land, and not to technology.

Technology Is