The State in Which People Live

question 52

Multiple Choice

The state in which people live.

• A) Qualitative
• B) Quantitative

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Definitions:

Innovation

The process of creating new methods, products, or ideas that bring about significant improvements or changes.

Diffusion

The process by which a new idea, product, or practice spreads through a population or society.

Creative Destruction

The continuous process of annihilating old and outdated business models or products to create new ones that benefit the economy.

Patent

An exclusive right given to inventors to produce and sell a new product or machine for 20 years from the time of patent application.