What is defined as the spread of an innovation to other products or processes through imitation or copying?
Explanation
This question assesses the understanding of the third step in technological advance, diffusion, which is critical for how an innovation becomes widespread throughout an economy.
Other questions
What is the primary distinction between 'invention' and 'innovation' in the context of technological advance?
According to the text, what is the modern view of how technological advance occurs within a capitalist economy?
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What is meant by the term 'creative destruction'?
How does product innovation enhance allocative efficiency in an economy?
According to Figure 11W.1, what percentage of business R&D expenditures in the United States in 2006 was allocated to basic research?
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Which market structure is generally considered the least conducive to innovation?