MGEB02H3 Chapter Notes - Chapter 6: Factors Of Production, Marginal Product, Production Function

The difference between technology and technological change is that:

1. technology refers to the processes used by a firm to transform inputs into output while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.

2. technology is carried out by firms producing physical goods but technological change is an intellectual exercise into seeking ways to improve production.

3. technology is product-centered, that is, developing new products with our limited resources while technological change is process-centered in that it focuses on developing new production techniques.

4. technology involves the use of capital equipment while technological change requires the use of brain power.

The difference between technology and technological change is that:

a. technology refers to the processes used by a firm to transform inputs into output while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.

b. technology is carried out by firms producing physical goods but technological change is an intellectual exercise in seeking ways to improve production.

c. technology is product-centered, that is, developing new products with our limited resources while technological change is process-centered in that it focuses on developing new production techniques.

d. technology involves the use of capital equipment while technological change requires the use of brainpower.