invention

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invention

see RESEARCH AND DEVELOPMENT.

invention

the creation of new production techniques and processes and new products that can be developed into usable processes and products through INNOVATION. Invention is an important means for a firm to improve its competitive position over rival suppliers by enabling it to lower supply costs and prices to consumers and to provide consumers with improved products. These benefits also improve overall MARKET PERFORMANCE. Certain kinds of MARKET STRUCTURE may be more conducive to invention insofar as they offer better incentives and resources for undertaking RESEARCH AND DEVELOPMENT (see MONOPOLY for further discussion).

In a more general way, invention can add to the growth of national income and output (see ECONOMIC GROWTH) by the qualitative improvement of a country's CAPITAL STOCK as investment in new technologies improves PRODUCTIVITY. See TECHNOLOGICAL PROGRESSIVENESS, PATENT.

References in periodicals archive ?
I also found Zonda's inventive language (like dangiferous) annoying rather than inventive or endearing.
Here she's a female Jason Bourne in killer heels, suspenders and sunglasses, with an the inventive use for a rubber hose.
NASDAQ: INCR) and Massachusetts, US-based professional services organisation inventive Health, Inc.
Dual Inventive belongs to the first group of companies that will test their IoT application the network.
Triz is a system for problem-solving and inventive thinking, used mainly by engineers.
COVENTRY is the fourth most inventive city in the UK, new research has revealed.
Inventive argument TRYING to justify plundering the countryside with a multi-million pound housing development by claiming that it will help reduce childhood obesity, smacks of an air of desperation.
has acquired 100% of the share capital of the Hong Kong-based companies Inventive Technology Ltd.
As part of the campaign, a social media team will be monitoring tweets being sent out by Twitter users containing words like invention' or other topics that fit into the word inventive' at which they will be sent custom video messages featuring the beloved Inventive Donkey'.
It is ironic that Python were wildly inventive and unique in TV comedy in 1969, yet their jokes are now as familiar as any half-decent album track from well-known rock groups of their era who still have the energy to tour.
These products were not always inventive--many times other companies (like Sony) brought the first truly inventive products to market (like Sony's Walkman portable music device) many years before Apple came out with its iPod portable music device.
IT'S all happening down in the forest in this lively and inventive production of one of Shakespeare's best-loved classics.