QUESTION 1 (Question b and c need to be solved) 1.a) Describe what is the difference between innovation and invention. 1.b) Describe the different types of innovation usually identified by economic...

QUESTION 1
(Question b and c need to be solved)

1.a) Describe what is the difference between innovation and invention.

1.b) Describe the different types of innovation usually identified by economic and business studies.

1.c) Innovation has been frequently described in formal mathematical models as a linear process. Do you agree with this view? Articulate your answer by considering the major properties of the innovation process as discussed during the ECON1165 module.