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CLOSED SHOP: An employment arrangement, usually written into a collective bargaining agreement, in which a firm is allowed to hire only labor union members. Because this gives a labor union complete control over the labor services supplied to a particular firm, it was one of the earliest methods used by labor unions to monopolized a labor market. However, closed shops were outlawed by the Taft-Hartley Act passed in 1947 and has been largely supplanted by union shops.
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                           PRODUCT INNOVATION: An innovation of a new product, technology, or idea that generates a beneficial improvement in society and the economy; one that is fundamentally different from existing products, technologies, or ideas. The contrast is with a process innovation, which is an improvement in an existing product, technology, or idea. A product innovation is the process of developing and making available a new good, service, production technique, idea, concept, scientific theory, law, business, cultural norm, social organization, or government agency that is substantially different from, and an improvement over, what currently exists. The "product" in question need not be a tangible "good" that is exchanged through a market, but includes a wide range of "things" that result in a change in the status quo and a modification of the existing institutions that form the structure of society and the economy.A related concept is process innovation, which is a (usually) moderate alteration of an existing product or how an existing product is produced. The line between product and process innovation is not always clear cut. In some cases an existing product can experience so many process innovations that it actually becomes a new product. A product innovation might lead to major changes in the very fabric of society or might just make one small aspect of life a little bit easier. Product innovations falling in the major category include the Gutenberg printing press, the electric light bulb, the automobile, and the personal computer. Modern society would be substantially different without these innovations. The minor side of product innovations includes such things as the battery powered drill driver, the electric can opener, the stapler, and the ballpoint pen. Each is useful. Each is an improvement. Each has made life a little easier. But none are indispensable. Life would likely exist much as it is now in the absence of this product innovations. Of course product innovations go beyond typical, tangible "goods." The U.S. Constitution is a notable product innovation that goes beyond the "typical." Another is Christianity. Drive-in movies, popular in the 50s and 60s, are a third among many.
Recommended Citation:PRODUCT INNOVATION, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: December 1, 2023].
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Today, you are likely to spend a great deal of time at an auction looking to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for letters from the Internal Revenue Service.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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