Innovation Flashcards
(10 cards)
1
Q
Define innovative
A
New ideas/technologies/methods that improve goods/services and solving problems.
2
Q
Define culture of innovation
A
Society actively envouraging new ideas and problem solving
3
Q
How can Australia benefit from innovation?
A
- Economic growth
- Taxation revenue
- Infrastructure
4
Q
Define economic growth
A
Country producing and selling more good and service overtime.
5
Q
How is economic growth measured?
A
GDP
6
Q
Define taxation revenue
A
Amount of money the government gains from tax to provide important services
7
Q
Where does Taxation revenue come from?
A
People and businesses
8
Q
Define infrastructure
A
Systems that help a country run properly
9
Q
Examples of infractstructure
A
- Roads
- Trains
- Water systems
10
Q
How are infrastructures provided?
A
Usually by the government, but businesses usually help build them as well.
