ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -creativity, the ability to make or otherwise bring into existence something new, whether a new solution to a problem, a new method or device, or a new artistic object or form.

Detailed explanation-3: -Definitions of creation. the act of starting something for the first time; introducing something new. synonyms: foundation, founding, initiation, innovation, instauration, institution, introduction, origination.

Detailed explanation-4: -The process of creating something new is called: Creative flexibility.