When economists view technological change as internal to the economy, they mean that it
A)occurs randomly.
B)occurs accidentally.
C)arises deliberately from the profit motive and competition.
D)arises mainly from government subsidies.

Question

Quizplus · Accepted Answer

When economists view technological change as internal to the economy, they mean it arises deliberately from the profit motive and competition. This perspective emphasizes that firms and individuals innovate to gain competitive advantages and profits, rather than technological change being a random or external factor.

When Economists View Technological Change as Internal to the Economy