Without innovation, countries across the world would have struggled to enhance or sustain their economic growth, their living standards, their international competiveness and their infrastructural development (OECD, 2005). Meanwhile, it should be pointed out that the definition and application of the term innovation are largely context-based. It is for this reason that innovation does not technically mean the same thing to both manufacturers and service providers (DTI, 2007). It is also for t...
THE BASIC MEANING AND DEFINITION OF THE ECONOMYGenerally, our focus in this course is to understand the study of comparative economic system. Firstly, let us examine an economy. The word "economy" is derived from the Greek word: "oikos", meaning household. Economy means "management of the household" (ecology, also derived from Greek word, means "study of the household"). The "household" here refers to the entire society. It is pertinent that for society to exist, people in such society would ...