1. Technology, R & D, and Efficiency.

a. Invention:

i. Thoroughly and completely explain Invention

ii. Distinguish between invention as a process and invention as a result.

iii. 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.

iv. What can we be done 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. Innovation.

i. What is it?

ii. For each of the types of innovation covered in the slides and audio: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.

2. For each of your examples explain how these two types of innovation were used to drive up profits.

a. Discuss the 2 key factors required to drive up profits - drive down costs and drive up revenues.

b. Might want to include how new products gain customer acceptance, including the importance of the relationship between price and utility.