Overview
Innovation is a key driver of economic growth, as it leads to increased productivity and the creation of new markets. By introducing new ideas, products, and processes, businesses can improve efficiency and meet consumer demands, which stimulates economic activity. Investment in research and develop...
Key Terms
Example: The smartphone is an innovation that changed communication.
Example: A country’s GDP rising indicates economic growth.
Example: Many entrepreneurs launch startups to bring innovative products to market.
Example: Tech companies invest heavily in R&D to stay competitive.
Example: Higher productivity means more goods produced with the same resources.
Example: A company may expand into international markets to grow its customer base.
Related Topics
Entrepreneurship
The process of starting and running new businesses, often linked to innovation.
intermediateGlobalization
The process of increased interconnectedness among countries, affecting innovation and economic growth.
advancedSustainable Development
Development that meets present needs without compromising future generations, often driven by innovative solutions.
intermediateKey Concepts
CreativityEntrepreneurshipTechnologyInvestment