1Survival in a Shrinking World
Innovation is a crucial ingredient in increasing productivity, sustaining economic growth, creating new jobs, and improving living standards. Internationally, innovation can build a substantial competitive advantage and enhance a country’s terms of trade creating new jobs and further promoting domestic growth. Countries that engage in international trade benefit and receive what both trading countries need to contain inflation, boost GDP per capita, and learn from each other. Innovation and entrepreneurship have similar meanings as entrepreneurial activity applied to an invention represents starting a new business or industry. According to the Merriam-Webster Dictionary, an invention ...
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