In an Economy of Change,continuous Innovation Is Necessary

question 43

Essay

In an economy of change,continuous innovation is necessary.Most companies rarely innovate,some innovate occasionally,and a few innovate continuously.Comment on why a company should continuously develop new products.

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Definitions:

Rice

A staple food grain consumed widely around the world, particularly in Asia, known for its versatility and ability in sustaining large populations.

Comparative Advantage

The ability of an individual or country to produce a particular good or service at a lower opportunity cost than others.

David Ricardo

A British economist known for his theories on comparative advantage and rent, significantly influencing the field of economics.

Adam Smith

An 18th-century Scottish economist and philosopher best known for his work "The Wealth of Nations," which laid the foundation for classical economics and the concept of the invisible hand guiding free markets.