Briefly explain the term incremental innovations. Which companies in terms of the size (small, medium, large size) have more economic incentives to produce these
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Briefly explain the term incremental innovations. Which companies in terms of the size (small, medium, large size) have more economic incentives to produce these?
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- Briefly describe efficiency in production?What is the Importance of Micro-economics. Or Write a short note on the importance of micro economics?Q-How does profit motive affect innovation and economic productivity? (Pages 43 – 50). Profit Motive Leads to Innovation and Increased Productivity According to Bruno Leone (1986), “In order to build and maintain a profitable concern, a businessman’s products would have to be needed, well-made, and competitively priced . Moreover, he would be creating jobs and helping to expand the general economy” (18). Profit motive promotes efficiency and productivity in an economy. The investor is constantly seeking new ways to effectively and efficiently provide goods and services to consumer, because, Mises (1986) stated, “Profit and loss are entirely determined by the success or failure of the entrepreneur to adjust production to the demand of the consumers” (40). The behavior of the consumer makes profits and losses occur, and this can result in a change of ownership from those who are inefficient to the efficient ones. Webley (1967) stated, “The successful firms are those that respond to the…
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