Technology is best defined as
A) society's stock of applied knowledge concerning the production of goods and services.
B) the maximum output that can be obtained from a stock of physical capital.
C) output inside the production possibilities curve.
D) movement along the production possibilities curve.

Question

Quizplus · Accepted Answer

Technology refers to the knowledge, methods, techniques, and processes used in the production of goods and services. It is not solely limited to physical capital or production possibilities. Therefore, option A, which defines technology as society's stock of applied knowledge concerning the production of goods and services, is the best choice.

Technology Is Best Defined as