What is the difference between an invention and an innovation?
What will be an ideal response?
An invention is the development of a new good or a new process for making a good. An innovation is the practical application of an invention. Innovation could also refer to any significant improvement in a good or in the means of producing a good.
You might also like to view...
A rise in the price of a substitute in production for a good leads to
A) an increase in the supply of that good. B) a decrease in the supply of that good. C) no change in the supply of that good; instead there is a change in the quantity supplied. D) a decrease in the quantity of that good supplied. E) no change in either the supply or the quantity supplied of the good.
When Federal Reserve Banks add to their holdings of government securities,
A) commercial banks must reduce their net lending. B) commercial bank reserves increase. C) the Fed is extending less credit to the economy. D) the stock of money declines.