Technology is the application of science to convert an economy's resources to output.

Question

Quizplus · Accepted Answer

Technology involves the use of scientific knowledge and methods to develop new products, processes, and services that are beneficial to society and contribute to economic growth. It plays a critical role in converting raw materials and inputs into finished goods and services that can be sold in the market. Thus, technology helps firms to increase productivity, reduce costs, improve quality, and enhance competitiveness, leading to higher living standards and economic welfare.

Technology Is the Application of Science to Convert an Economy's