Question

innovation is the key determinant of economic growth and social welfare

Answer 1

Constant economic growth can be achieved and social welfare rendered or maintained only through innovation. As the population grows, lifestyle changes and obsolescence sets in, innovation is the only key to maintaining economic growth and social welfare measures; if nations or regions do not innovate, they cannot keep pace with the fast-changing scenario in the fields of business, industry, agriculture and society.  

Answer 2

Explanation:

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Innovation is the key determinant of economic growth and social .

• Innovation is the key determinant of economic growth and social welfare.

• Introducing a new method of production: innovation should offer a new scheme of production which through existing inputs can lead to an increased output,decrease of costs per unit product,introduction of new inputs and change of existing ones.