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INNOVATION: The introduction and dissemination of a new idea, product, or technological process throughout society and the economy. The innovation process should be contrasted with the act of invention, which is the creation of something new, but not the dissemination. Innovations are often though of as applying to physical products and technology. However, it applies to all aspects of society and the economy--physical, tangible, ideological, cultural, and social. Innovation often leads to the widespread use of new products (such as computers and DVD players), but it also creates new cultural, social, and economic institutions (such as government agencies, forms of business organizations, and social trends). Innovations are consider to be a primary source of economic growth.
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RISK LOVING A preference for risk in which a person prefers risky income over guaranteed or certain income. Risk loving arises due to increasing marginal utility of income. A risk loving person prefers to undertake risk and is even willing to pay to do so. This is one of three risk preferences. The other two are risk neutrality and risk aversion.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"When we do the best that we can, we never know what miracle is wrought in our life, or in the life of another." -- Helen Keller
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BIS
Bank for International Settlements
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