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Why Are Innovation and Entrepreneurial Activity Identified as the Engines

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Essay

Why are innovation and entrepreneurial activity identified as the engines of long-run economic growth?


Definitions:

Long-Run Equilibrium

A state in which all aspects of the market, including supply and demand, are balanced over a sustained period.

Club Meeting

A gathering of members belonging to a specific club aimed at discussing agendas, activities, or other topics of mutual interest.

Attendance

Refers to the measure of presence or participation in prescribed activities or environments.

Number

A number is a mathematical object used to count, measure, and label; fundamental in mathematics for various operations and analyses.

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