The Effect of Innovation on Demand and Supply
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The Effect of Innovation on Demand and Supply
Innovation has a profound effect on the demand and supply of goods and services in an economy. Innovation refers to the process of creating new or improved products, services, and processes that increase efficiency, reduce costs, and improve overall quality. Innovations can be in the form of new technologies, production techniques, and business models that create new opportunities for firms and entrepreneurs. In this article, we will explore the impact of innovation on both the demand and supply side of the economy.
Demand Side Effects of Innovation:
Innovation can increase the demand for goods and services in several ways. Firstly, innovation can create new products and services that were previously non-existent. For example, the development of smartphones has created a new market for mobile apps, which has led to an increase in demand for app developers. Similarly, the development of electric vehicles has created a new market for charging stations, leading to an increase in demand for electricians and related services.
Secondly, innovation can improve the quality of existing products and services. This can lead to an increase in demand for these products and services, as consumers are willing to pay more for higher quality. For example, the introduction of high-definition television (HDTV) has led to an increase in demand for this product, as consumers are willing to pay more for a better viewing experience.
Finally, innovation can lower the cost of producing goods and services, leading to lower prices and increased demand. For example, the development of 3D printing technology has led to a decrease in the cost of producing customized products, such as prosthetic limbs. This has led to an increase in demand for these products, as they are now more affordable for consumers.
Supply Side Effects of Innovation:
Innovation can also have a significant impact on the supply side of the economy. Firstly, innovation can lead to an increase in productivity, which can lead to an increase in the supply of goods and services. For example, the introduction of automation and robotics in manufacturing has led to an increase in productivity and the production of goods at a lower cost. This has led to an increase in the supply of these goods, leading to lower prices and increased availability.
Secondly, innovation can lead to the development of new production techniques, which can improve efficiency and reduce costs. For example, the development of lean production techniques has led to a decrease in waste and an increase in efficiency in manufacturing processes, leading to lower costs and increased supply.
Finally, innovation can lead to the development of new business models, which can create new opportunities for firms and entrepreneurs. For example, the rise of e-commerce has created new opportunities for small businesses to sell their products online, leading to an increase in the supply of goods and services.
Conclusion:
In conclusion, innovation has a significant impact on both the demand and supply side of the economy. On the demand side, innovation can lead to the development of new products and services, improve the quality of existing products, and lower the cost of production. On the supply side, innovation can lead to an increase in productivity, the development of new production techniques, and the creation of new business models. Overall, innovation is essential for economic growth and development, as it creates new opportunities and improves efficiency in the production of goods and services.
The Effect of Innovation on Demand and Supply
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
|
|
Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
|
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME]and Have It Done by Our PhD Qualified Writers!! |
|
|
PLACE THE ORDER WITH US TODAY AND GET A PERFECT SCORE!!!