Technology refers to the application of scientific knowledge or methods for practical purposes. It includes inventions, innovations, and improvements that enhance productivity.
Imagine technology as a smartphone. Just like a smartphone makes our lives easier by providing access to information at our fingertips, technological advancements make businesses more efficient by enabling them to produce more with less resources.
Research & Development (R&D): Refers to activities undertaken by companies or organizations aimed at discovering new knowledge or improving existing products/processes.
Innovation: Refers to the process of turning new ideas into marketable products or services.
Productivity Growth: Refers to an increase in output per unit of input due to technological advancements or improved efficiency.
What is the effect of an increase in technology on supply?
If the government gave tax incentives to invest in capital or technology, how would this affect the potential output?
What is the significance of technology in economic growth?
What do technology, physical capital, human capital, and natural resources have in common in terms of economic growth?
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