The development of new technology and capital goods are essential elements for the market system.This is because:
A)using more efficient production processes means more output for the economy.
B)more capital goods means less future consumption goods.
C)the standard of living and development of new technology are inversely related.
D)the most direct methods of production are more efficient.

Question

Quizplus · Accepted Answer

Using more efficient production processes means that more output can be produced for the economy with the same amount of resources. This results in increased productivity and economic growth, which ultimately leads to a higher standard of living. Developing new technology and capital goods is essential in achieving these more efficient production processes.

The Development of New Technology and Capital Goods Are Essential