In the process of technological advance, list and describe each stage.

Question

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The Answer is According to Schumpeter's framework, the three stages of technological advance include invention, innovation, and diffusion. In the initial stage, we observe the first occurrence of an idea for a new product or process. Then, the innovation stage constitutes the first attempt to carry out the new product or process into practice. Finally, with diffusion, a new product or method may be adopted or rejected, depending on market outcomes, network effects, and best practices.

In the Process of Technological Advance, List and Describe Each