Invention Is the Discovery of a New Process or Idea

question 85

Multiple Choice

Invention is the discovery of a new process or idea.Innovation is

• A)the continuing search for inventions.
• B)copying ideas from rival firms.
• C)putting an invention to work.
• D)basic research.

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Definitions:

Labor Productivity

A measure of economic performance that examines the amount of goods and services produced by one hour of labor.

Unionized Labor Force

A workforce that is represented by one or more unions, which negotiate wages, working conditions, and other employment terms on behalf of their members.

Entrepreneur

An individual who initiates and operates a new business venture, taking on financial risks in the hope of profit.

Government Effectiveness

A measure of the quality of public services, the civil service and its independence from political pressures, the quality of policy formulation, and the credibility of the government's commitment to its policies.