What is the distinction between innovation and invention?
What will be an ideal response?
Invention is the act of generating a new idea or device. Innovation is the act of putting the new idea or device into practical use. Innovation is one important source of profits.
You might also like to view...
The short-run Phillips curve will shift if there is
A) a change in inflation expectations. B) an increase in inflation that is unanticipated. C) an increase in the unemployment rate. D) a decrease in inflation that is unanticipated.
If Massage R Us, a spa chain specializing in massage, offers a lower price for a massage to senior citizens, this is an example of ________.
A) second-degree price discrimination B) first-degree price discrimination C) third-degree price discrimination D) zero-degree price discrimination
Unions have been consistent supporters of quotas in hiring
Indicate whether the statement is true or false
Speculation during periods of inflation can result in:
A. People buying resources for resale later rather than using the resources for current production. B. A movement inside the production-possibilities curve. C. People buying gold, silver, jewelry, etc., instead of capital for production. D. People saving less of their disposable income. E. All of the above.