According to the Product Cycle Theory,a new product is first developed,produced,and consumed in what type of nation?

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The Product Cycle Theory states that a new product is first developed, produced, and consumed in a Lead Innovation Nation. This nation has the necessary infrastructure, capital, and skilled labor to innovate and develop new products. As the product becomes more widely adopted, production shifts to other countries, starting with other advanced economies (Lead Development Nations) before moving to developing economies (Lead Production Nations) and finally to mature economies (Lead Consuming Nations).

According to the Product Cycle Theory,a New Product Is First