Examlex
To be successful, what does open innovation require?
Economic Organization
The structured arrangement and coordination of economic activities and entities within a society.
Private Good
A product or service that is consumed by an individual without providing any benefit to others, characterized by its excludability and rivalry in consumption.
Economic Efficiency
The optimal allocation of resources to maximize output or outcomes without waste.
Economic Efficiency
Economic efficiency occurs when the allocation of resources maximizes the total net benefit received by all individuals in the economy.
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