role of innovation in determining long-term economic growth and provide three public policies that are likely to encourage innovation. Provide an example of a recent innovation that has the potential to have a significant impact in one or more industries.

The nation needs to experience a situation where its exports are greater than its imports. This causes it to become wealthy and prevents many problems of economic hardship such as unemployment, the output and income in the economy, the price level, and burden of debt, inflation, national discontentment, and market inefficiencies and non-equilibrium that may will be the result of the reverse called a balance of trade deficit. There may also be preference for foreign products as opposed to locally-produced products which results in less of the local products being sold and in increase of their price. Whilst surplus of imports may be good for individual consumers who may end...
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