Ch 12 HW - Stephanie Chin Prof Mangum Microeconomics...

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Stephanie Chin Prof. Mangum Microeconomics Chapter 12 1. Technological advance is broadly defined as new and better goods and services or new and better ways of producing or distributing them. These advances take place in the very long run, a period where technology can change and firms can develop new products. a. Technological advances: improved production process, imitation of a new production process 2. INV, INN, DIF a. DIF b. INV c. INN d. INN e. DIF 3. Older views of technological advances believed that technological advances were just random external forces that the economy adjusted to. Today, economists believe that capitalism drives technological advances and that these advances are internal in the economy. Entrepreneurs are the initiators, the innovators, and the risk takers. They think up, create, and invest in advances. Intrapreneurs are like entrepreneurs except without the risk, because they are part of the company and just being paid to make these advances. Firms often use scientific discoveries on universities and apply them to commercial products. When universities are researching more for a product than scientific knowledge I would say they are becoming more the entrepreneurs.
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