Examlex
Invention is defined as the adoption of a similar innovation by different firms.
Low Rate
An environment characterized by minimal interest, tax, or pricing levels.
Savings
The portion of income not spent on consumption, often put aside for future expenses, investment, or emergencies.
Industrial Revolution
The period of major industrialization that took place during the late 1700s and early 1800s which transformed economies that had been based on agriculture and handicrafts into economies based on large-scale industry, mechanized manufacturing, and the factory system.
Productivity Growth
An increase in the efficiency of producing goods or services within an economy, often leading to more output for the same amount of inputs.
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