The development of new products and markets, and the destruction of existing markets.
3 of 7
How can technological change make some markets less competitive?
If the technology is protected by a patent.
4 of 7
What is invention?
The creation of a new product or process.
5 of 7
What is innovation?
The improvement or development of an existing product, bringing it to market. New products and production processes that are developed into marketable goods or services.
6 of 7
What is creative destruction?
Where technological change leads to the development of new, ‘disruptive’ products which render existing products obsolete.
7 of 7
Other cards in this set
Card 2
Front
What can technological change have an impact on?
Back
Production, productivity and efficiency.
Card 3
Front
What can technological change lead to?
Back
Card 4
Front
How can technological change make some markets less competitive?
Comments
No comments have yet been made