ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The process of creating something new is called: Creative flexibility.

Detailed explanation-2: -Innovation is the process of developing a new idea or invention of a product or service that creates a value in the market for which the customer would pay for and satisfies the needs and expectations of the customer.

Detailed explanation-3: -Answer and Explanation: E) Innovation is the process of creating something new, which is central to the entrepreneurial process. This is the definition of innovation. Creativity, which is included in innovation, does not necessarily include creating new things.

Detailed explanation-4: -Innovation is the process of creating something new and better. This can mean coming up with an original idea, developing a new product or service, or coming up with an innovative way to do something.

Detailed explanation-5: -Entrepreneurial innovation is the ability to turn an idea into reality. It is about finding new ways to do things and making them better. Entrepreneurial innovation is about creating new products or services, improving processes or finding new markets for existing products or services.