Continuous Innovation Is the Process of Comparing the Company's Products

question 68

True/False

Continuous innovation is the process of comparing the company's products and processes to those of competitors or leading firms in other industries to find ways to improve quality and performance.

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Definitions:

Economic Profit

The difference between total revenue and the total costs, including both explicit and implicit costs, unlike accounting profit which only considers explicit costs.

Explicit Costs

Direct financial payments made to acquire resources or services for business operations.

Total Economic Costs

The sum of explicit and implicit costs representing the total resources expended in the production of goods or services.

Entrepreneur's Talent

The unique set of skills, creativity, and vision that an entrepreneur brings to identifying and exploiting new business opportunities.