impacts of innovation and technology on the cost of production
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What are the impacts of innovation and technology on the cost of production? What are the effects of technology on the various market structures?
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The impacts of innovation and technology on the cost of production are encompassed.
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The Merriam-Webster Dictionary defines technology as a manner of accomplishing a task, and this is the sense in which economists use it. Technology is anything that helps transform some input into some output: whether the transition occurs due to the use of some physical object, or some virtual concept is immaterial. Thus using a hammer to fix a table is technology, as is using computers to simulate a thermonuclear explosion.
Technology and innovation lower the cost of production by making more efficient use of available ...
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