What Is Meant by Innovation

question 26

Essay

What is meant by innovation?

---

Definitions:

Service The Market

involves addressing the needs and desires of a particular market segment by offering products, services, or solutions that cater specifically to that segment's demands.

Negative Externalities

Uncompensated adverse effects that an individual or firm's activity imposes on others, not accounted for in the market price.

Public Goods

goods that are non-excludable and non-rivalrous, meaning they can be used by everyone simultaneously without diminishing their availability to others.

Market Mechanism

The process by which supply and demand interactions determine prices and quantities of goods and services in an economy.