Definition
- Technology
- Technology is the methods used to turn inputs into output; an improvement lowers the cost of each unit, so a greater quantity is supplied at every price.
Example
Can you think of an example of technology?
Improved seeds bred for wheat and rice gave harvests twice as high per acre where farmers used them, shifting the supply of both crops right.
Test yourself
Can you name the six factors that shift supply?
Learn it properly: the module
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