Innovationsim Flashcards
1
Q
what is an invention
A
a new product or improved process of making products
2
Q
what is innovation
A
commercialising and bringing an invention to the market
3
Q
are public goods excludable
A
no, public goods are non-excludable and non rival
4
Q
what is an externality
A
an effect related to the production or consumption of a good that falls on people who are not the producers or consumers
5
Q
what is a patent
A
a patent provides an inventor with exclusive rights to a new invention
6
Q
A
