Question

Technological Advance consists of ?
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Answer 1

Answer:

Technological Advances: Discovery, Invention, Innovation, Diffusion, Research and Development Technology is the single greatest factor that distinguishes modern economies from primitive ones. Because technology lowers the cost of production and provides new products, it increases both productive and allocative efficiency for all firms.

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Answer 2

• In essence, technological change covers the invention of technologies (including processes) and their commercialization or release as open source via research and development (producing emerging technologies), the continual improvement of technologies (in which they often become less expensive).