Definitions
True And False
Other
100
What is supply?
the relationship between a products price and quantity supplied
100
An improvement in technology can cause a leftward supply shift
False - a rightward supply shift
100
What is Technology
Technology is the making, usage, and knowledge of tools, machines, techniques, crafts, systems or methods of organization in order to solve a problem or perform a specific function. It can also refer to the collection of such tools, machinery, and procedures.
200
Define Efficiency?
is when producing goods and services using the least amount of resources
200
E-commerce helps many firms increase its revenue or decrease its costs by providing information that helps managers make better decisions and also improve businesses.
False - Information Technology helps many firms increase its revenue or decrease its costs by providing information that helps managers make better decisions and also improve businesses.
200
Give two advantages of Technology?
Answers may vary
300
What is Productivity?
the amount of output you create given the amount of input
300
economic growth is an increase in an economy's total output of goods and services.
True
300
Name two disadvantages of technology?
Answers may vary.
400
What is effectiveness?
producing the desired result
400
Information technology is one of many tools people use when coping with change in the technological world.
True
400
What is innovation?
A modification of an invention that takes the initial concept further which helps foster advance technology.
500
what is e-commerce?
the buying and selling of goods and services over the internet
500
Inelastic Demand is a percentage change in a product's price causes a larger percentage change in quantity demanded.
False - Elastic Demand is a percentage change in a product's price causes a larger percentage change in quantity demanded.
500
What are necessities and luxuries?
necessities are essential items such as bread and milk, while luxuries are items that buyers can easily live without.
M
e
n
u