The Transformation of Something New,such as an Invention,into Something That

question 76

Multiple Choice

The transformation of something new,such as an invention,into something that benefits the economy is known as

• A)an innovation.
• B)a patent.
• C)an externality.
• D)a compounder.

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Definitions:

Economy

A system by which goods and services are produced, distributed, and consumed within a society or geographical area.

Government

The organized system or group of people governing an organized community, often a state, managing its public policy and affairs.

Lags

Delays in the effect of economic policies or other changes in the economy, which can affect the timing and efficiency of economic outcomes.

Discretionary Fiscal Policy

Fiscal measures, such as government spending and taxation, actively applied by a government to influence the economy, especially to counteract recession or control inflation.