A government that takes a leading role in promoting the process of economic development through its public investments, subsidies of […]

A product produced by a single firm that has some unique characteristics compared to similar products of other firms.

The spread of the invention throughout the economy. See also: diffusion gap.

The lag between the first introduction of an innovation and its general use. See also: diffusion.

A type of telephone transmission service that is much more reliable than the normal analog line. All data is converted […]

A situation in which, as more labour is used in a given production process, the average product of labour typically […]

A property of some production functions according to which each additional unit of input results in a smaller increment in […]

The value to the individual of an additional unit of consumption declines, the more consumption the individual has. Also known […]

A property of some utility functions according to which each additional unit of a given variable results in a smaller […]

A situation in which the use of an additional unit of a factor of production results in a smaller increase […]