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Questions Case 2 Economic theories and innovation
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Define characteristics approach as a type of product innovation
Define characteristics approach as a type of product innovation
Changing one, several or almost all characteristics of a product
Give the new growth theory production function(s)
Give the new growth theory production function(s)
G = f (Technological advancement, Human Capital)
Human Capital = f (education)
Technological advancement = f (innovation)
Explain the demand-pull approach within classical economic theory
Explain the demand-pull approach within classical economic theory
Increases in the division of labour leads to specialization. Specialization leads to innovation
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