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Demonstrate graphically and explain verbally the case of an inflationary gap.Describe the forces in the economy that will result in the gap closing itself.
Diffusion of Innovation
A theory that explains how, why, and at what rate new ideas and technology spread through cultures.
Innovators
Individuals who adopt new ideas or technologies before most others in a society or industry.
Diffusion of Innovation
The method through which an innovative concept, item, or practice disperses across a community or societal structure.
Laggards
In the context of diffusion of innovation, laggards are the last group of people to adopt new technology or ideas, often resistant to change and preferring traditional methods.
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