How does innovation affect the economy?
Innovation plays a crucial role in economic growth by creating new products, services, and processes that improve efficiency.
Can you give examples of innovation impacting specific industries?
Sure! In the tech industry, innovations like smartphones have transformed communication and created new markets.
What are the potential downsides of innovation?
While innovation can drive growth, it can also lead to job displacement and increased inequality if not managed properly.
How can governments support innovation?
Governments can support innovation through funding research, providing tax incentives, and fostering a favorable regulatory environment.
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