WEEK 1 - 1 Flashcards
(55 cards)
What is Gross Domestic Product (GDP)?
The total annual output of an economy, measured by the final purchase price of goods and services.
Solow residual
The increase in output achieved from a fixed amount of labor and capital due to technological advancements.
primary process thinking
An important intellectual ability for a creativity is a person’s ability to let their mind engage in a visual mental activity
What factors influence an individual’s creativity?
Intellectual abilities, knowledge, thinking style, personality, motivation, and environment
What is primary process thinking in creativity?
A visual mental activity where the mind combines unrelated ideas, leading to remote associations or divergent thinking
remote associations
connections between ideas or things that seem totally unrelated at first
divergent thinking
generate lots of different ideas or solutions
What cognitive abilities help highly creative people make fast connections?
Exceptional working memory and executive control.
How does the amount of knowledge affect creativity?
A moderate amount is best — too little limits ideas, too much restricts thinking and flexibility
Is an organization’s creativity just the sum of its employees’ creativity?
NO! the organization’s creativity depends on how individuals work together and the environment the company creates.
How do some companies monitor creativity?
By using an intranet — a private internal network that helps track ideas and communication.
What does current research say about how innovation happens?
It shows companies now combine in-house R&D, customer input, and external information networks — using both science push and demand pull.
What is the Science Push (1950s-1960s) model of innovation?
A linear model where innovation starts with scientific discovery → invention → engineering → manufacturing → marketing.
What is the Demand Pull (1965) model of innovation?
A model where innovation starts with unmet customer needs, leading to customer suggestions → invention → manufacturing.
Do all innovators commercialize their inventions?
No — many inventors do not seek patents or commercialization and may not be entrepreneurial.
What is innovation by users?
Innovation that originates when users create solutions to solve their own needs.
What is basic research in R&D?
Research aimed at increasing scientific knowledge for its own sake, with no guaranteed commercial application.
What is applied research in R&D?
Research aimed at increasing knowledge for a specific application or industry need, often with commercial objectives.
How do universities handle intellectual property (IP) from research?
Universities usually own the rights to both patentable and unpatentable innovations and decide how to commercialize them.
Technology transfer offices
offices designed to facilitate the transfer of technology developed in a research environment to environment where it can be commercially applied
Incubators
institutions designed to nurture the development of new businesses that might otherwise lack access to adequate funding or advice
Why are collaborative networks important for innovation?
help firms share knowledge and develop innovations faster, especially in HIGH-TECH sectors.
What are agglomeration economies?
The benefits firms gain by locating close to each other, such as knowledge sharing and access to skilled labor.
What are the downsides of clustering?
Increased competition that reduces pricing power
Risk of knowledge leaks to competitors
Traffic, high housing costs, and pollution
