ECONOMICS (CBSE/UGC NET)

ECONOMICS

TECHNOLOGY

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

What best refers to putting advances in knowledge to use in a new product or service?

A	Innovation
B	Invention
C	Labor Productivity
D	Production Function

Explanation:

Detailed explanation-1: -Product innovation refers to the creation and introduction of a good or service that is new to the market or an improved version of a previous product. On the other hand, process innovation is implementing a new or improved production or delivery method.

Detailed explanation-2: -Product innovation is the introduction of a new or improved good or service. These inventions or changes may have to do with improving technical specifications, the materials or the software used or even advancing on UX (user experience).

Detailed explanation-3: -Innovation is the manifestation of creativity into a usable product or service. In the entrepreneurial context, innovation is any new idea, process, or product, or a change to an existing product or process that adds value to that existing product or service.

Detailed explanation-4: -Sustaining, or incremental innovation. Breakthrough innovation. Disruptive innovation. Basic research. 07-Nov-2022

There is 1 question to complete.