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

Question

Quizplus · Accepted Answer

An innovation refers to the process of applying an invention or idea in a way that results in something new or improved, and has a market or economic significance. It involves transforming an idea into a product or service that can benefit the economy, create jobs, and generate profits. Patents protect an inventor's exclusive rights to an invention, whereas externalities refer to the unintended or indirect effects of economic activities. Compounders are pharmaceutical companies that specialize in producing and distributing compounded medications.

The Transformation of an Invention into Something That Benefits the Economy