What is invention and why is important to economic growth?

Question

What is invention and why is important to economic growth?

Answer 1

Invention is the creation of a new technology or a new process or a new material, or a new equipment or an new instrument or a new product that increases efficiency, raises productivity, reduces costs, meets new wants, increase the comfort of living,etc. Inventions are important to economic growth because it leads to higher production, production of better quality products, meets newer wants, makes possible greater production from the same quantity of resources, creates markets abroad for technologies, equipment and products. All these help faster economic growth. Most underdeveloped and developing countries have invented little and depend on inventions of the dveloped World.