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PERFECT COMPETITION: An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that's not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.
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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, 2000-2024. [Accessed: April 26, 2024].
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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TSP
Time Series Processor (software)
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