difference between time and technology
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Answer:
Technology makes production factors more efficient. Invention of new technology can be applied in many fields.For example, technology in painting can make painters paint more in a given time period so that shifts production function. Then, all factors in production will be more productive. Production factors are labor, capital and land and raw materials. Innovation is making new invention commercially buyable and make profit. There are many inventions that are not commercially utilized. Some people recognize the value and others do. Digital technology was invented by Kodak, but not commercialized by Kodak.
Not all innovation contributes to profit. Invention of new technology and patent can be utilized for production of goods and services. For example, IT (information technology)
makes us more productive which means that we can get done more work per unit of time. According to Schumpeter, innovation is the source of profit.
Explanation:
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