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Action and effect of changing or altering things and ideas or images, introducing something new. Process of introducing new products and technologies into the economic system, which significantly change their capacity and improve quality. This process has several phases: technical invention, small-scale testing, and general introduction and use based on general recognition of its economic results and the existence of demand. I. not only brings about technological changes, but leads to changes in economic and social structure. Innovations mark the beginning of the processes of modernization of society and create the premises for resolving the crises of a given moment.