The body of applied technological knowledge used to transform resources into goods and services________________?
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Answer: A. Technology
Explanation
Technology is the body of applied knowledge and techniques used to transform resources into goods and services. It encompasses machinery, recipes, blueprints, and organizational methods. Advances in technology shift the production possibilities curve outward over time. Economists view technological change as a primary driver of long-term economic growth. Better technology allows societies to produce more output from the same resource inputs. This process underpins rising living standards across the globe.
Research and development investments drive technological progress in modern economies. Intellectual property laws protect innovations to encourage private sector technological investment. Access to advanced technology often separates developed nations from developing ones. Option B is an informal phrase rather than the standard economic term. Option C is redundant because technology already encompasses advanced knowledge. Option D is incorrect because technology is the established answer.
- Subject
- Agriculture
- Category
- Agriculture
- Topic
- —
- Difficulty
- medium
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