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Chapter 20: Q 19. (page 496)

What do economists mean when they refer to

improvements in technology?

Short Answer

Expert verified

They refer to the increase in production may be and many other things.

Step by step solution

01

Step 1. Definition

Technology improvement means any exclusive information, knowledge, trade mystery, programs, designs developed individually or with the partnership of others which increases technological efficiency and effectivity, quality, and reduce costs.

02

Step 2. Explanation

When economists talk about improvement in technology that refers to various improvements like the improvement in production with minimum or fewer costs, they refer to the invention of new technologies and machines, which increases productivity and reduces the costs of production. And when these improved technologies and machines substitute for workers this also is referred to by economists when they are talking about improvement in technology.

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