A Consumer Products Company Wants More Creativity in Its Research

question 82

Essay

A consumer products company wants more creativity in its research and development operations.The company has spent lots of money on creativity training sessions.These have helped somewhat,but the Vice President of this area believes that the fundamental conditions must be altered to allow more creativity.Describe three conditions (other than training)that this organisation should establish to increase the level of creativity in its research and development operations.For each condition,briefly explain how it might improve creativity.

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Definitions:

Trade Imbalance

A situation where the value of a country's imports exceeds the value of its exports or vice versa, affecting the country's balance of payments.

The Dollar

The official currency of the United States, often used as a benchmark in the global economy.

Comparative Advantage

A principle in economics that suggests a country or entity should produce goods and services for which it has a lower opportunity cost, allowing for more efficient international trade.

Bilateral Trade Surpluses

The condition where a country has a positive trade balance (exports exceed imports) with another specific country.