The First People to Adopt a New Technology Are Those

question 2

Short Answer

The first people to adopt a new technology are those who have more money. As the technology matures, its price drops dramatically, enabling more people to acquire it. This process is called________________ .

Grasp the economic implications of innovation and diffusion in the marketplace.

Understand the distinction between invention, innovation, and diffusion.

Recognize examples of product and process innovation.

Identify the role of research and development in the innovation process.

---

Definitions:

Trademark Act

Legislation that governs the registration, protection, and enforcement of trademarks to prevent infringement and unfair competition.

Socially Acceptable

Behaviors or actions that are considered appropriate or typical within the norms and values of a particular society.

Registration

The act of recording something officially with a relevant authority or body.

Trademark Protection

Legal rights granted to the owner of a trademark to prevent others from using a similar mark that can be confusing for consumers.