Unit 21: Innovation, Information, and the Networked Economy

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Across
  1. 2. The fixed costs of the production of a knowledge-intensive good or service
  2. 3. The decrease in an innovator’s profits after patent expires, leading to replicated products and more competitive pricing
  3. 5. gives innovators the legal right to sue others who imitates their product as long as they have created the original
  4. 6. the application or introduction of new technology or method for doing something that keeps a company competitive and meets customer demands
  5. 7. Goods and services that are typically used together
  6. 8. a system that helps innovators turn their ideas into a product or service that’s on the market
  7. 10. profits in excess of the opportunity cost of capital that an innovator gets by introducing a new technology, organizational form, or marketing strategy
  8. 12. Shows the relationship between innovation and societal benefits from a patent’s duration
  9. 16. knowledge that can be recorded to duplicate elsewhere
  10. 17. the legal owner of a logo, a name/title, or a registered design; the legal right to exclude other producers/groups from using it to identify their products
  11. 18. the development of new methods of production and products
  12. 21. Goods and services that are similar to each other and can be replaced with one another
  13. 22. the development or introduction of of a new, improved good or service
  14. 23. Competition where economies of scale give the firm with the largest share of the market a commanding competitive edge
Down
  1. 1. improves an existing product or process cumulatively
  2. 4. knowledge that can’t be recorded (skills, judgements, nuances)
  3. 9. An external effect of one person’s action on another, occurring because the two are connected in a network
  4. 11. "A matching market is a market in which prices don’t do all the work. You also have to be chosen.”
  5. 13. a market that acts as a median for buyers and sellers
  6. 14. Creating an intellectual work (i.e. books, music, choreography, visual arts) and having the legal right to exclude other producers from recreating/copying, adapting, and selling it
  7. 15. brand new technology that had not been previously available
  8. 19. Average cost falls when more units of a good/service are produced
  9. 20. the spread of invention throughout the economy