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Unformatted text preview: Technology determines the maximal physical quantity of output that can be reached as well as the number and the quality of inputs required. Adopted technology is in turn an economic choice, taken upon both economic and technological reasons. Education plays a very importance role in the improvement of skillet of labor. Education may also play a role in increasing productivity through greater scale efficiency. In the short run, education may affect the quantities of variable inputs used, while in the long run it may influence the optimal scale of operation. Therefor Education, Research and Development, Technology can produce good and helpful result for all human beings/earth and can save health by encouraging others to live life sensibly. Macro 2 ECON, Student edition page 85, by William A. McEachern...
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This note was uploaded on 07/17/2011 for the course ECON 1204 taught by Professor Bolden during the Spring '11 term at Southeaster Oklahoma State University.
- Spring '11