Innovation Is the Process of Creating New or Improved Goods

question 5

True/False

Innovation is the process of creating new or improved goods and services that customers want.

---

Definitions:

Normative Statement

A proposition that expresses a value judgment or opinion about what ought to be, rather than what is empirically verifiable.

Income Distribution

The way in which total income is shared among the population or different sectors of an economy.

Welfare Recipients

Individuals or families receiving financial assistance or benefits from the government based on need.

Economic Analysis

The systematic approach to examining economic data, models, and theories to understand and predict economic phenomena and inform decisions.