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The observation that the number of transistors on a microchip doubles approximately every two years, though the cost of computers is halved, promoting rapid economic growth in technology sectors.

Goods or services that are used together with the existing technology product, which can enhance product demand and stimulate new market creation.

Investment in R&D can stimulate technological advancements, increasing productivity and economic growth, but also creates a financial risk.

Describe how the value of a good or service increases as more people use it, leading to positive feedback loops and potentially creating market dominance.

Describes the cost advantage that arises with increased output of a product, which can lead to market dominance and monopolistic competition.

Describes the commercial gain of a product through the expense of research and development phase, and the financial return during its 'mature' phase, significantly affecting the pace of economic growth.

Refers to the incessant product and process innovation mechanism by which new production units replace outdated ones, contributing to the dynamism of industries and long-term economic growth.

Investment in human capital, such as education and training, increases the innovative capacities of the workforce, contributing to the development of new technologies and economic expansion.

An innovation that significantly alters the way that consumers, industries, or businesses operate, often displacing established market-leading firms and products.

Sociological model describing the adoption or acceptance of a new product or innovation, characterized by the demographic and psychological characteristics of defined adopter groups.

An economy primarily based on the production, distribution, and use of knowledge and information, which alters labor market demands and ushers in new technological advancements.

Theory that seeks to explain how, why, and at what rate new ideas and technology spread through cultures, impacting societal growth and market structures.

When innovations in one firm or industry improve the performance or reduce the costs for other firms or industries, often accelerating overall economic growth.

Refers to the gap between demographics and regions that have access to modern information and communication technology, and those that don't or have restricted access.

The competitive advantage that a company gains by being the first to market with a new product or service, potentially leading to market dominance and higher returns on investment.

Describes how the cost of production typically decreases over time as a company gains experience, improving economic efficiency and market competitiveness.

Legal rights granted to creators to protect their innovations can promote inventive activities by ensuring innovators can reap economic rewards, influencing market structure and competition.

A business model wherein companies utilize external ideas and innovations as well as internal ones, fostering a more dynamic flow of knowledge and potentially leading to rapid advancements.

Small improvements or upgrades made to existing products, services, or processes that maintain competitiveness and can lead to increased productivity.