Th2.5: Technological Progress Flashcards
1
Q
What does improved technologies mean?
A
that the average cost of production is lower, whether this is because it is quicker to produce or less labour or equipment is needed
2
Q
What does improved technologies creating new things to buy do?
A
helps to increase consumption and keeps MPC high
3
Q
Without increased spending…
A
there would be little economic growth
