The Innovation Strategy for Changing Products and Technologies That Involves

question 66

True/False

The innovation strategy for changing products and technologies that involves managers putting in place processes and structures to ensure that new ideas are carried forward for acceptance and implementation is known as entrepreneurship.

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Definitions:

Comparative Advantage

An economic principle that states a country should produce and export goods and services for which it is relatively more efficient at producing than other countries.

Absolute Advantage

The ability of an entity to produce a good or offer a service more efficiently than its competitors, using fewer resources.

Trade

The action of buying and selling goods and services among parties, which can occur within a country (domestic) or between countries (international).

Tariff

A tax imposed on imported goods to increase their price, intended to protect domestic industries.