Why is innovation so important for firms to compete in many industries?

Q: What is an emerging industry? What is the primary opportunity available to entrepreneurial firms in…

A: Emerging industry A group of enterprises in an area of business developed around a novel product or…

Q: Entrepreneurship is becoming the driving force behind many economies in the world and most economies…

A: Entrepreneurship is significant for various reasons, from elevating social change to driving…

Q: One of the reasons why we need to talk about creativity is global competition. Select one: True O…

A: Creativity: - Creativity means improving any work by implementing new and innovative ideas.

Q: Q-How does profit motive affect innovation and economic productivity?

A: The profit motive is the motive for financial gain from economic activities in the economic market.…

Q: In what way are entrepreneurs and businesses at the helm of the economy but commanded by consumers?

A: An entrepreneur is defined as a person who creates a business, bears most of the risks associated…

Q: 3. How will a decrease in the productivity of technology affect the supply of the item being…

A: Hi. Since there are multiple questions, we will solve the first one.

Q: Define and discuss free enterprise and define and discuss profit motive?

A: Free enterprises are also known as free markets.

Q: Economic system What is pure capitalism? What is command? What is traditional? What is socialism?…

A: Economic system is defined as the system under which the economic activities of production,…

Q: Suppose you have a team of two workers: one is a baker and one is a chef. Explain why the kitchen…

A: Meaning of Organization: An organization refers to the group of unit or socially grouped unit that…

Q: Discuss the importance of entrepreneurship and innovation as well as describe their differences,…

A: Innovation is very important in order to get more revenue from any business and for improvement in…

Q: POLICY PERSPECTIVES Adam Smith in The Wealth of Nations asserted that the pursuit of self-interest…

A: The term self interest can be easily defined as the personal gain one tries to get. It is basically…

Q: 1. Think of some new products, or techniques of production, that have been developed over the last…

A: Innovations are part of development in an economy. Due to innovations, new technologies are…

Q: what is the meaning of good life?Do people really need technology in their lives? Is it really a…

A: Technology: It refers to the innovation done in an economy at various intervals of time. The more…

Q: What role do these entrepreneurial competencies play in the success of the entrepreneur as well as…

A: The person who tends to start a business and is also willing to risk loss for making more money is…

Q: Describe GDP, GNP, NPP. What is monopoly and oligopoly market?

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 2. Complete the following table: a. In unified theory of innovation, what is radical step? b. How…

A: Answer - In the Unified theory, 0f innovation, what is radical step  How are wavelets of…

Q: We know that environment has an obvious impact on business. Illustrate the impact of the…

A: The socioeconomic environment is described as the social impacts that are inserted on health in the…

Q: Entrepreneurship is about high profit and high risk, Explain how

A: Entrepreneurship: - entrepreneurship is that factor of production that combines the other three…

Q: Technological change is a combination of invention and innovation. Explain these two terms with an…

A: Invention The invention of a thing is a process of creating a new product which is not meant before.…

Q: What type of market structure does the firm participates and how did you decide this?

A: Marginal cost = Change in total cost / Change in quantity of output Marginal revenue = Change in…

Q: How do the reward system and organization cultureaffect innovation in organizations?

A: Innovative organizations appear to have cultures which are closely related. They promote creative…

Q: Describe the significance of the six entrepreneurial competencies

A: Entrepreneurial competencies Entrepreneurial competencies are the key qualities a person who is an…

Q: Why do you think so many City governments and state seem to bend over backwards to get new…

A: The city government and state seems to bend over backward to get new business to locate in their…

Q: Explain each base on the picture.  purpose of DISRUPTIVE INNOVATION how it works netflix's…

A: A) Purpose of DISRUPTIVE INNOVATION Disruptive innovation is a development that streamlines and…

Q: How can or should U.S. innovation be encouraged? What is government's role? How shall this role, if…

A: U.S. innovation can be encouraged as:- The United States being a developed country has already…

Q: How does economic profits differ from Financial Profits? Give some examples.

A: Economic profit is benefits that can be measured as far as cash generated, for example, net gain,…

Q: how can young budding entrepreneurs compete with older, more experienced entrepreneurs? is it enough…

A: An entrepreneur is a person who starts a new company and bears the most of the risks while reaping…

Q: what are the five common main objectives of firms?

A: The firms are commercial enterprises which buy and sell products and/or services to consumers in…

Q: How can intellectual property rights help spur innovation?

A: Intellectual property is the muse of innovation in our economy. Government-granted rights…

Q: 5. Your aunt is thinking about opening a hardware store. She estimates that it would cost $500 000…

A: a.Opportunity cost is the value of the next best alternative that we foregone while making a…

Q: How does profit motive affect innovation and economic productivity?

A: Profit motive: The benefit rationale is the inspiration of firms that work to amplify their…

Q: Explain the interdependence and economic freedom, amd how do they affect internartional businesses?

A: The following problem has been answered as follows:

Q: Why do you think technology is important in your studies?

A: Answer to the question is as follows:

Q: If competition also known as perfect competition rarely exists in the economy, then why study such a…

A: Markets are the place where buyers and sellers interact and exchange the products at certain price.

Q: Which of the following may influence technological progress?

A: Technological progress help to increase the economic growth with the efficient use of resources,…

Q: Historically, how have the three sectors evolved?

A: The economic structure of developed countries has followed a basic pattern of development throughout…

Q: Explain promotion of modern technology?

A: Modern Technology is the usage of high tech machinery and equipment which are up to the mark with…

Q: 1. According to Robert Reich, what is the goal of a business? a. Preserving the environment b.…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…