Econ 2302 Final Exam| Verified Solution

ECON 2302 FINAL EXAM| VERIFIED SOLUTION ECONOMICS EXAM 3 1. Technology, R & D, and Efficiency. a. Thoroughly and completely explain Invention Invention is the discovery of a product or process through the use of imagination, ingenious thinking, and experimentation and the first proof that it will work. Usually based on scientific knowledge and is the product of individuals, either working on their own or as members of an organization - R&D staff. 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? Invention as a result: Invention as a result can be identified as a new and the purpose is beyond its tangible existence. The level of utility is very high. The absence of utility in an invention makes it a mere process not invention. Invention as a process: The idea for an invention may be developed on paper or on a computer, by writing or drawing, by trial and error, by making models, by experimenting, by testing and/or by making the invention in its whole form. Example of example as a result and as a process: The Depression of the 1930’s lasted 11 years and the fact that we are 6 years into the great recession. b- Explain Innovation