Please provide the information about Diffusion ofInnovation Theory.

Reference: Rogers, E. M. (2003). Diffusion of Innovations (5th ed.). Free Press.

Answered: Please provide the information about…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Explain why Max Weber has a strong belief that the strong protestant work ethic is the key to the development of capitalism. How did Peter Drucker perceive the presence of innovation and entrepreneurship?
What is the difference between short-run and long-run in economics?
I do not fully agree that companies exist entirely in their own right or are unequivocally the most important organizations in the world. While companies are legally distinct entities that can own assets, make decisions and be held accountable, they are still comprised of and directed by individuals. At their core, companies only exist as a means to coordinate economic activity among people. There are reasonable arguments that companies play a hugely influential economic and social role globally. However, I would hesitate to say they are unambiguously more important than organizations like governments, non-profits or international institutions that are focused on issues like human rights, health, education and environmental protection. Companies operate to generate profit and shareholder value, which does not always align with the broader interests of society. Therefore, other organizations are still needed to regulate markets and address challenges that private industry may not…
What are "in-kind" transfers? What would be an example? What are some criticisms made against in-kind transfers?
"Innovation by the Entrepreneur" argued Schumpeter, leads to gales of "creative destruction" as innovations cause old inventories, ideas, technologies, skills, and equipment to become obsolete. The question is not "how capitalism administers existing structures,…[but] how it creates and destroys them." This creative destruction, he believed, causes continuous progress and improves the standards of living for everyone." Joseph Alois Schumpeter, 1883-1950Links to an external site. In terms a little more modern than Shumpater's, Dr. Abhijeett Desai explains that the predominant form of innovation can look disruptive, but is, in fact, transformational innovation. Explore Dr. Desai's thinking in Transformative Innovations vs. Disruptive InnovationLinks to an external site..
What is one negative aspect of technology on productivity? Technology allows for more products to be made in a shorter amount of time. Technology allows companies to reduce the cost of making products. Technology allows for more efficient ways to produce goods. This may lead to the elimination of jobs. Technology allows for workers to work from home, which leads to fewer call-offs due to illness, inclement weather, or childcare-related issues.
In economics there is the Law of Diminishing Returns. With respect to information on the World Wide Web. do think there could be a Law of Increasing Returns? Explain.
What does this mean? “Capitalism is the supreme expression of human creativity and freedom, an economy of mind overcoming the constraints of material power. It is dynamic, a force that pushes human enterprise down spirals of declining costs and greater abundance. The cost of capturing technology is mastery of the underlying science. The means of production of entrepreneurs are not land, labor, or capital but minds and hearts.”
Q1. Engincering cconomics is the integration of economic theory with business practice for the purpose of facilitating decision – making and forward planning by the management. How it bridges the gap between economic theory and business practice. Explain with example.
Note : The answer should be typed. double space with 12-point font. What is Specialization and what are the Pros and Cons of it. Give me examples of specialization
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Please provide the information about Diffusion of Innovation Theory.