The substitution of steel for wooden ploughs in agricultural production is an example of
The substitution of steel for wooden ploughs in agricultural production is an example of
Answer:
(b)
Non-traditional
“Capital” in an economic context means machinery or capital goods which can be employed to produce other goods. Substitution of steel can be considered as the substitution of a lesser machine by a better machine. This encourages steel production. Hence it is a capital-augmenting technological progress.Tikdam: clearly labour reducing so capital augmenting