ECON3
WWW.AQUINASECONOMICSA2.CO.UK
@AQUINASECONOMIC
Technological Change
Answer all the questions below
1. Explain the thr...
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Technological change

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Technological change

  1. 1. ECON3 WWW.AQUINASECONOMICSA2.CO.UK @AQUINASECONOMIC Technological Change Answer all the questions below 1. Explain the three components of technological change 2. Differentiate between `innovation’ and ‘invention’ 3. Explain how innovation will effect a firms costs 4. Use a diagram to back up your explanation 5. Find an example of how innovation has reduced costs

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