Answer: Technology is the recipe for combining land, labor, physical capital, and entrepreneurship to produce a good.
Explanation:
The different factors of production (land, labor, entrepreneurship, and capital) are the inputs required for the production of a good or service.
Technology is a term that has a rather wide meaning and can be applied to describe software, hardware, or a mixture of both employed to organize a manufacturing process. Either way, the technology available is the one that combines the land, the labor, the physical capital, and the entrepreneurship to produce a good.
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<span>Simone, a typical adolescent will most likely turn to her peers for advice on fashion. At this time of his life, Simone will start paying attention to his looks and how it would influence his social relationships and groups. </span></span>
, In monopolistic competition, firms make price/output decisions as if they were a monopoly. They will produce where marginal revenue equals marginal cost., Free entry into the market may ultimately shrink the economic profits of monopolistically competitive firms.
