Chapter 1 Flashcards
1
Q
Describe technological innovation?
A
the act of introducing a new device, method or material for application to commercial or practical objectives.
2
Q
What is the gross domestic product?
A
The total annual output of an economy as measured by its final purchase price.
3
Q
What are meant by externalities?
A
Costs (or benefits) that are borne (or reaped) by individuals other than those responsible for creating them.
