8.2 The Very Long Run: Changes in Technology

Question 1

What is technological change?

Answer 1

Technological change is any change in the available techniques of production

Question 2

define productivity

Answer 2

Productivity is the output produced per unit of some input (ex: output per worker and output per hour of work)

Question 3

Name the 3 aspects of technological change

Answer 3

1-New techniques (e-books)
2-Improved inputs (lithium batteries)
3-New products (iPhone 13)