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Question
How does the private sector drive innovation in a competitive environment?
Short Answer
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Solution
The private sector drives innovation by encouraging businesses to develop new products, adopt advanced technologies, and improve services to stay competitive. The pressure to outperform rivals motivates companies to invest in research and development (R&D), which leads to technological advancements, more efficient processes, and creative solutions to meet consumer needs.
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Chapter 1: Introduction to Commercial Organisations - EXERCISES [Page 20]
