Identify and Explain One Example of Incremental Innovation

question 21

Essay

Identify and explain one example of incremental innovation.

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Definitions:

Tires

Rubber components mounted on wheel rims, providing traction and absorbing shocks from the road surface for vehicles.

Absolute Advantage

The ability of an individual, company, or nation to produce a good or service more efficiently than competitors, using the same amount of resources.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than its competitors, underpinning international trade benefits.

Computers

Electronic devices capable of processing, storing, and communicating information according to a set of instructions called programs.