Technology does not have an effect on the amount of a good a society can produce with its given resources. is the recipe for combining land, labor, physical capital, and entrepreneurship to produce a good. only changes if resources change. is constantly changing at every point along a production possibilities curve.

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30-01-2020
Social Studies

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Technology does not have an effect on the amount of a good a society can produce with its given resources. is the recipe for combining land, labor, physical capital, and entrepreneurship to produce a good. only changes if resources change. is constantly changing at every point along a production possibilities curve.

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looringhighjump looringhighjump · Answer 1 · 2020-02-02T20:39:04+01:00

Answer: Technology is the recipe for combining land, labor, physical capital, and entrepreneurship to produce a good.

Explanation:

The different factors of production (land, labor, entrepreneurship, and capital) are the inputs required for the production of a good or service.

Technology is a term that has a rather wide meaning and can be applied to describe software, hardware, or a mixture of both employed to organize a manufacturing process. Either way, the technology available is the one that combines the land, the labor, the physical capital, and the entrepreneurship to produce a good.