ABSTRACT
Most technological development takes place within private enterprises. From the perspective of the enterprise, the development of technology is not a goal on its own, but a means to transform inputs into goods and services to be sold on the market and to earn profits. This is aside from other goals, such as business continuity or technological leadership. From an economic point of view, technology is one of the many resources that companies use to generate products or
One of the major features that inputs and other resources have in common is that they are scarce. Companies are often short on money (and other valuable assets) to buy all the inputs that they require. To put it differently, such companies must make choices on how to spend their limited resources, since the inputs to efficiently produce goods and services will inevitably exceed the resources available. The process of converting input into output (products or services) is called the production process.
