Which of the Following Statements Is True for an Invention

question 18

Multiple Choice

Which of the following statements is true for an invention?

• A)It refers to converting a new idea into revenues and profits.
• B)It refers to the use of technology in trying to understand the latent needs and preferences of the customers in the market.
• C)It refers to pursuing scientific investigations without commercial goals, focusing on unravelling the secrets of nature and finding new knowledge.
• D)It refers to the process of promoting the use of scientific knowledge in forecasting the demand for different products in the market.
• E)It refers to bringing an idea into tangible reality by embodying it as a product or system.

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Definitions:

Invisible Hand

A metaphor introduced by Adam Smith to describe the self-regulating behavior of the marketplace, where individual self-interests unintentionally benefit society.

Adam Smith

An 18th-century Scottish economist and philosopher, best known for his theories on capitalism and the invisible hand of the market.

Free Market

A system of voluntary exchange in which every agent is free to produce, buy, and sell “as the market will bear,” without interference or standards set by any outside authority.

Economic Arrangements

The structured and systemic ways in which economic activities and resources are organized, distributed, and managed within a society or between entities.