In economics, technology refers to the
A) exploitation of natural resources.
B) ways of combining resources to produce output.
C) invention of a new product.
D) productivity of labor.
E) degree of industrial automation.

Question

Quizplus · Accepted Answer

Technology refers to the ways of combining resources to produce output. It involves the application of knowledge, tools, and techniques to create new goods and services or to improve existing ones. It includes not only the physical equipment and machinery used in production but also the organizational and managerial techniques used to organize and coordinate the production process.

In Economics, Technology Refers to the