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Explain How Innovation Promotes Economic Growth

question 12

Essay

Explain how innovation promotes economic growth.


Definitions:

Growth Rate

The percentage increase in a country’s economic output or an individual company's earnings over a specific period, signaling economic health.

Human Capital

The combined capabilities, understanding, or other non-physical resources of people that can generate economic benefits for themselves, their companies, or their society.

Human Capital

The combined abilities, expertise, and non-physical assets of people that contribute to generating economic wealth.

Technology

The application of scientific knowledge for practical purposes, especially in industry and in our daily lives.

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