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Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
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Innovation
The process of creating, developing, and implementing new products, processes, or ideas to improve efficiency, effectiveness, or competitive advantage.
Aging Population
refers to the demographic trend of an increasing average age in a population, often resulting in higher proportions of elderly people and various social and economic implications.
Stagnating Wages
The phenomenon where wages remain constant over time without significant increases, often leading to decreased purchasing power due to inflation.
Steady Interest Rates
A condition where interest rates remain the same over a period of time, leading to predictable financing costs.
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