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Describe how the free enterprise system drives technological innovation and its application in the marketplace such as cell phones, inexpensive personal computers, and global positioning products.
Describe how the free enterprise system drives technological innovation and its application in the marketplace such as cell phones, inexpensive personal computers, and global positioning products.
- Individuals produce, develop, and bring the ideas to the marketplace in order to create a profit.
- These ideas continue to inspire innovation and improve the standard of living in the United States through the promotion of competition.
- With the constant improvement of technology and communication, access to information has reduced the time needed to create and develop new products.
- Innovators can quickly determine the need for new products and create and improve them to meet consumer demand.
- Examples of this exist in the upgrades in cell phones, new computers, and global positioning products.
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