Examlex
Discuss two alternatives to private ownership and give an example of each.
R&D
R&D stands for Research and Development, a business or government activity that involves the investment of resources to create new products, processes, or services or to improve upon existing ones.
Technological Advance
The development and application of innovative technologies that enhance efficiency, productivity, or capabilities in processes, products, or services.
Production Possibilities
The various combinations of goods and services that a society can produce using its available resources and technology.
Innovation
The process of creating, developing, and implementing new products, services, or processes.
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