Asked by Nicole Behne on Jun 25, 2024
Verified
Broadly defined,technological advance:
A) can occur in the short run,long run,or very long run.
B) comprises new and improved goods and services and/or new and improved ways of producing or distributing them.
C) includes invention but not innovation or diffusion.
D) includes product innovation but not process innovation.
Technological Advance
(1) An improvement in the quality of existing products, the invention of entirely new products, or the creation of new or better ways of producing or distributing products. (2) Any improvement in the methods by which resources are combined such that the same quantity of inputs can be made to yield a combination of outputs that is preferred to any combination of outputs that was previously possible.
Distributing
The process of making goods or services available to consumers, often through various channels.
- Recognize the various forms and importance of technological advances across different time scales and industries.
Verified Answer
SY
SYN YI CHONGJun 25, 2024
Final Answer :
B
Explanation :
Technological advance encompasses both the development of new and improved goods and services, as well as new and improved ways of producing or distributing them. It is not limited to a particular time frame or stage of development, and does not exclude invention, innovation, or diffusion. The definition provided in option B is the most comprehensive and accurate.
Learning Objectives
- Recognize the various forms and importance of technological advances across different time scales and industries.