Technological advance increases productive efficiency by giving society a more preferred mix of goods.

Productive Efficiency

A situation where a good or service is produced at the lowest possible cost.

Technological Advance

Technological advance refers to the progression and innovation in technology that often leads to improved efficiency, production capabilities, and new product developments.

Preferred Mix

The optimal combination of goods and services an economy should produce, taking into account consumer preferences, resource availability, and socio-economic objectives.