Area of interest
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Innovation is the creation of better or more effective products , processes , services , technologies , or ideas that are accepted by markets , governments , and society . Innovation differs from invention in that innovation refers to the use of a new idea or method, whereas invention refers more directly to the creation of the idea or method itself. [ edit ] Etymology The word innovation derives from the Latin word innovatus , which is the noun form of innovare "to renew or change," stemming from in —"into" + novus —"new". Diffusion of innovation research was first started in 1903 by seminal researcher Gabriel Tarde, who first plotted the S-shaped diffusion curve.
Innovation
An economy consists of the economic systems of a country or other area; the labor , capital and land resources ; and the manufacturing , production, trade , distribution , and consumption of goods and services of that area. A given economy is the end result of a process that involves its technological evolution , history and social organization , as well as its geography , natural resource endowment, and ecology , as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. A market based economy may be described as a spatially limited social network where goods and services are freely produced and exchanged according to demand and supply between participants (economic agents) by barter or a medium of exchange with a credit or debit value accepted within the network.
Economy
Social network
A social network is a social structure made up of a set of actors (such as individuals or organizations) and the dyadic ties between these actors (such as relationships, connections, or interactions). A social network perspective is employed to model the structure of a social group, how this structure influences other variables, or how structures change over time. [ 1 ] The study of these structures uses methods in social network analysis to identify influential nodes, local and global structures, and network dynamics. Social networks are distinct from information , biological , or electrical networks , but theories and methods generalizing to all of these complex networks are studied in the field of network science . [ 2 ] [ 3 ]
Research and development
Cycle of research and development The phrase research and development (also known as R and D or R&D ), according to the Organization for Economic Co-operation and Development , refers to "creative work undertaken on a systematic basis in order to increase the stock of knowledge, including knowledge of man, culture and society, and the use of this stock of knowledge to devise new applications". [ 1 ] Research and development is often scientific or towards developing particular technologies and is frequently carried out as corporate or governmental activity.