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

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.

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