Question

Which term would be most closely associated with the "new and better goods and services and new and better ways of producing and distributing them?" a) Capital goods b) Market exchange c) Technological advancement d) Demand e) Resources

Answer 1

The term 'Technological advancement' is most closely associated with new and improved goods and services, as it leads to increased supply and demand due to reduced production costs and higher quality products.

Step-by-step explanation:

The term most closely associated with the "new and better goods and services and new and better ways of producing and distributing them" is c) Technological advancement. Technological advancements enable more efficient production processes, reduce costs, and often result in higher quality products. For example, an improvement in technology that reduces the cost of production can be depicted as a rightward or downward shift in the supply curve, indicating an increase in supply. Similarly, advancements that enhance product quality may lead to an increase in demand as consumers' tastes and preferences shift in favor of these superior products.

Learn more about Technological Advancement