Q.1 What is technological innovation? Explain the various types of innovation.?

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ANS- Technological innovation is the economic function through

which new technologies are introduced into production and consumption.

It entails recognizing new technological possibilities, organizing the human

and financial resources needed to transform them into useful

products and processes, and sustaining the requisite activities.

It is important because technological advances have played a key role

in facilitating radically improved standards of living. Innovation is said

to be endogenous; i.e., it is responsive to changes in demand and supply conditions.

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