This is the process that enables the economy to achieve a higher level of GDP for given levels of its factors of production,physical capital stock,and total efficiency units of labor.

Question

Quizplus · Accepted Answer

Technological change refers to the introduction of new and improved production techniques, technologies, and innovations that enable firms to produce more output with the same amount of inputs. This leads to an increase in productivity and ultimately raises the level of GDP for a given level of factors of production.

This Is the Process That Enables the Economy to Achieve