Innavation Flashcards
(6 cards)
What is Innovation
Innovation is new ideas, technologies or methods that improve goods/services or solve problems.
What is culture of innovation?
Culture of innovation is when a society actively supports and encourages new ideas and problem-solving.
How can the Australian economy can benefit from encouraging a culture of innovation
They can benefit from Economic growth, Infrastructure and Taxation revenue
What is Economic Growth
Economic growth is when a country produces and sells more goods and services over time. We measure this using GDP, and it increases when businesses make and sell more things that people want.
What is Infrastructure
Infrastructure includes things like roads, trains, phone towers, and water systems that help a country run properly. The government pays for most of it, but businesses help build it so everything works smoothly for people and the economy.
What is Taxation revenue
Tax is money that people and businesses must pay to the government. The government uses this money to provide important services like healthcare and education.
