What is the difference between technology and technological change?
A)Technology refers to the processes used by a firm to transform inputs into output, while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.
B)Technology is carried out by firms producing physical goods, but technological change is an intellectual exercise in seeking ways to improve production.
C)Technology is product-centred, that is, developing new products with our limited resources, while technological change is process-centered in that it focuses on developing new production techniques.
D)Technology involves the use of capital equipment, while technological change requires the use of brain power.

Question

Quizplus · Accepted Answer

Technology encompasses the methods and processes used to transform inputs into outputs, whereas technological change refers to improvements in a firm's efficiency or ability to produce the same output with fewer inputs.

What Is the Difference Between Technology and Technological Change