Distinguish between invention and innovation


Invention is the creation of new products or processes or the ideas that underlie them. Innovation is the process that begins with invention and includes improvement to prepare the invention for practical use and marketing of the invention or its products.

Economics

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In the short run, when the Fed decreases the quantity of money

A) bond prices fall and the interest rate rises. B) bond prices rise and the interest rate falls. C) the demand for money increases. D) the supply of money curve shifts rightward.

Economics

Ernie's Earmuffs produces 200 earmuffs per year at a total cost of $2,000 and $400 of this cost is fixed. What is Ernie's average total cost?

A) $12 B) $10 C) $8 D) $2

Economics

Between 1981 and 2013, deaths from kidney disease increased largely due to the effects of

A) increased smoking. B) increasing obesity. C) increasing alcohol consumption. D) increased pollution.

Economics

Central bank lending to bail out troubled firms is known as ________, while allowing troubled firms to conceal the true value of their assets is called ________

A) crony capitalism; larceny B) liquidity provision; regulatory forbearance C) securitization; nonconventional monetary policy D) subprime lending; regulatory arbitrage

Economics