The transformation of an invention into something that benefits the economy is known as
A) an innovation.
B) a patent.
C) an externality.
D) magical growth.

Question

Quizplus · Accepted Answer

An innovation is the process of taking an invention, developing it further, and producing something that creates value in the economy. It involves bringing something new to the market that satisfies a customer's needs or solves a problem, and has the potential to be commercially successful. Patents provide legal protection for inventions, while externalities are the unintended effects of economic activities on third parties. "Magical growth" is not a recognized economic term.

The Transformation of an Invention into Something That Benefits the Economy