In Terms of Innovation Characteristics, a Product Is Said to Be

question 77

Multiple Choice

In terms of innovation characteristics, a product is said to be compatible if

• A) it provides greater value to the manufacturers than to the consumers.
• B) the degree of social repercussions associated with it is high.
• C) its benefits can be communicated easily.
• D) it has a higher degree of complexity compared with its counterparts'.
• E) it complies with the accepted behavior, values, and norms of the local market.

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Definitions:

Velocity of Money

The rate at which money is exchanged in an economy, often used to measure the health and vigor of economic activity.

Price Level

A calculation of the average cost of goods and services in an economy at a set point in time.

Nominal GDP

The market value of all final goods and services produced within a country in a specific time period, measured using current prices without adjusting for inflation.

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of all goods and services produced within a country's borders in a specific time period, in real terms.