A Continuous Innovation Describes a New Version of an Existing

question 79

True/False

A continuous innovation describes a new version of an existing product brought out to represent a complete change from the previous version.

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Definitions:

World Production

encompasses the total output of goods and services by all economies across the globe over a specific period.

Self-Sufficient

The ability to fulfill all of one's needs without relying on external assistance.

Comparative Advantage

The ability of a country, individual, company, or region to produce a particular good or service at a lower opportunity cost than others.

Absolute Advantage

The ability of a country or firm to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources.