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

Question

Quizplus · Accepted Answer

Technological change refers to the development of new goods and better ways of producing goods and services. Option A (capital accumulation) refers to the growth of savings and investment, while options C, D, and E refer to different types of efficiency in resource allocation and utilization.

The Development of New Goods and Better Ways of Producing