which of the following is not a recent technological change in the workplace course hero

How does technological change affect the economy?

Why can new technology be patented?

What are the problems of going out of business?

What is creative destruction?

Why is innovation done externally?

Can closing a company lead to inefficiency?

See 3 more

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Technological Change: It’s Meaning and Process - Economics Discussion

ADVERTISEMENTS: It has been observed that the main cause of poverty in underdeveloped countries is that they suffer from the technological backwardness. A specific level of technological advancement is the necessary pre-condition for rapid growth. Therefore, the task of technological change in underdeveloped countries is difficult because the social set up in backward pre-industrial economies

Econ 360 CH 1,2,4 Flashcards | Quizlet

Start studying Econ 360 CH 1,2,4. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

BA 1301: chapter 7 Flashcards | Quizlet

An organization that has direct two-way lines of responsibility, authority, and communication running from the top to the bottom of the organization, with all people reporting to only one supervisor is called a(n) _____.

2. What Is Technological Change? - National Bureau of Economic Research

53 What Is Technological Change? Year Fig. 2.1 Source: Prospective Payment Assessment Commission (1994). Growth in real spending per beneficiary, Medicare inpatient services on a retrospective, cost-plus basis. Generally, hospitals reported the costs of

13 Examples of Technological Change - Simplicable

A definition of technological change with examples. Culture Culture is a stabilizing force that doesn't change easily. Nevertheless, technology changes culture over time. For example, 20th century American culture was greatly influenced by technologies such as the automobile and television.

How does technological change affect the economy?

The overall effect of invention, innovation and the spread of technology in the economy. Technological change affects: 1) Methods of production. 2) Productivity. 3) Efficiency. 4) Costs of production. Technological change can lead to: 1) Development of new products.

Why can new technology be patented?

New technology can be patented -> prevents other firms from being able to match the patent holder's low costs or high quality -> struggle to compete effectively.

What are the problems of going out of business?

3. Problems. 1. If a firm becomes unprofitable, then it should close down so that resources (labour and capital ) can move into more productive and profitable firms and industries -> increase living standards. Threat of going out of business is an incentive for firms to move with the changing market and keep costs low.

What is creative destruction?

Creative destruction. Refers to the process of how capitalism leads to a constantly changing structure of the economy. Old industries and firms which are no longer profitable close down enabling the resources (labour and capital) to move into more productive processes.

Why is innovation done externally?

Often done externally by outsiders rather than by existing companies because innovation may not be profitable at first and its development takes away scarce resources from sustaining innovations (needed to compete against competition). Creates goods for a different set of customers in a new market which competes with the existing market resulting in lowered prices in the existing market

Can closing a company lead to inefficiency?

4) Closure can lead to inefficiency itself - if a firm with experience and investment in human and labour capital closes down -> can take a long-time for these resources to be efficiently redistributed. (hysteresis - short-term unemployment can lead to a higher natural rate).

How does technological change affect the economy?

The overall effect of invention, innovation and the spread of technology in the economy. Technological change affects: 1) Methods of production. 2) Productivity. 3) Efficiency. 4) Costs of production. Technological change can lead to: 1) Development of new products.

Why can new technology be patented?

New technology can be patented -> prevents other firms from being able to match the patent holder's low costs or high quality -> struggle to compete effectively.

What are the problems of going out of business?

3. Problems. 1. If a firm becomes unprofitable, then it should close down so that resources (labour and capital ) can move into more productive and profitable firms and industries -> increase living standards. Threat of going out of business is an incentive for firms to move with the changing market and keep costs low.

What is creative destruction?

Creative destruction. Refers to the process of how capitalism leads to a constantly changing structure of the economy. Old industries and firms which are no longer profitable close down enabling the resources (labour and capital) to move into more productive processes.

Why is innovation done externally?

Often done externally by outsiders rather than by existing companies because innovation may not be profitable at first and its development takes away scarce resources from sustaining innovations (needed to compete against competition). Creates goods for a different set of customers in a new market which competes with the existing market resulting in lowered prices in the existing market

Can closing a company lead to inefficiency?

4) Closure can lead to inefficiency itself - if a firm with experience and investment in human and labour capital closes down -> can take a long-time for these resources to be efficiently redistributed. (hysteresis - short-term unemployment can lead to a higher natural rate).