Technology, R & D, and Efficiency. a. Thoroughly and completely explain Inventio

Question

Technology, R & D, and Efficiency.
a.   Thoroughly and completely explain Invention
i.   Distinguish between invention as a process and invention as a result.
1.   Should be pretty straight forward.
ii. We live on a planet with finite resources which makes continued economic growth difficult to maintain. If we are seeing economic growth rates flatten out, please explain how invention might be impacted by a slow growth /no growth economy, and what can we do about this problem? Be specific.
1.   Discuss invention as a process and compare that to invention as a result.
Give 2 examples of each, and discuss how each might be affected by a slow growth / no growth economy.
b.   Explain Innovation. i.   What is it?
ii. For each of the typical types of innovation:
1.   Provide 2 examples of each (that were not included in the slides or audio) and explain why these are good examples of those types of innovation

Explanation / Answer

INVENTION AND INNOVATION

Invention is a process of creating something new or something which has not been created by anyone before. Innovation is modifying or making or deriving new products from an existing product or technology. In the case of invention, new product or technology is created, Eg. A sophesticated machine that automatically performs all the household chores. On the other hand, there is no creation of new goods/ products or techniques in innovation. For example, First a nornal washing maching , then came semi automatic then finally it became, fully automatic.

The basic similarity between invention and innovation is that, they have reduced human labour (Which can be positive or negative aspect)

Thus investion comes first and innovation follows

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