1. The process by which the use of an innovation—whether a product, a service, or a process—spreads throughout a market group, over time and across various categories of adopters, is referred to as . the product life cycle the marketing strategy diffusion of innovation product development

Diffusion of innovation

Explanation:

Innovation is the application of new ideas, imaginations and thought to Improve productivity.

Diffusion means the spreading of information or material.

Diffusion of innovation could simply means the spread of new ideas or methods in a production process.

Diffusion of information helps Managers get information on reaction of potential customers to the introduction of a new product.

Diffusion of innovation

helps managers understand the rate at which customers will accept a new product or service.

It also gives them a means to identify potential markets for their new products or services and predict their potential sales even before they introduce the innovations.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know