Under the ________ Approach to Defining Innovation,copies or Modifications of a Competitor's

question 90

Multiple Choice

Under the ________ approach to defining innovation,copies or modifications of a competitor's product would qualify as new.

• A) product-oriented
• B) market-oriented
• C) consumer-oriented
• D) firm-oriented
• E) development-oriented

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Definitions:

Factors of Production

Factors of production are the inputs used in the production of goods or services in the attempt to make an economic profit, including labor, capital, land, and entrepreneurship.

Circular-Flow Model

The circular-flow model is an economic diagram that illustrates how households and firms interact through markets for products and resources, depicting the continuous flow of money and resources.

Households

Economic units comprising individuals living together, making joint decisions about consumption and production.

Firms

Business entities or organizations engaged in commercial, industrial, or professional activities, either for profit or non-profit.