________ Involves Taking a Concept or a Product Created for a Very

question 52

Multiple Choice

________ involves taking a concept or a product created for a very specific use and extending it to a new,often larger,audience.

• A)Inventing
• B)Developing
• C)Reverse innovation
• D)Diffusing
• E)Integrating

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Definitions:

Excess Profits

Profits that exceed what is considered normal or expected, often realized in favorable market conditions or through monopolistic practices.

Free Markets

An economic system in which prices are determined by unrestricted competition between privately owned businesses, without government intervention.

Efficiency

The optimal allocation of resources to produce the maximum amount of goods and services, with the least waste of resources.

Pareto Optimality

Pareto Optimality is a state of allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off.