Knowledge economy

<p>The knowledge economy, or knowledge-based economy, is an <a href="/facts/Economic_system/N4SBdoxS">economic system</a> in which the production of goods and services is based principally on <a href="/facts/Knowledge_intensive_services/uuDodU9d">knowledge-intensive activities</a> that contribute to advancement in <a href="/facts/Technology/9Uav5WVR">technical</a> and scientific <a href="/facts/Innovation/aa7hadLw">innovation</a>. The key element of value is the greater dependence on <a href="/facts/Human_capital/Hxwb2I2P">human capital</a> and <a href="/facts/Intellectual_property/PqHW9mVP">intellectual property</a> as the source of innovative <a href="/facts/Idea/zK4ar1yv">ideas</a>, <a href="/facts/Information/3LdrzXtJ">information</a>, and <a href="/facts/Practice_(learning_method)/Toe8dJpB">practices</a>. Organisations are required to <a href="/facts/Capitalism/FbPc6TTw">capitalise</a> on this "knowledge" in their production to stimulate and deepen the <a href="/facts/Business_development/8bwSTHmj">business development</a> process. There is less reliance on <a href="/facts/Factors_of_production/gDgCQ5ES">physical input</a> and <a href="/facts/Natural_resource/w9WXxMx3">natural resources</a>. A knowledge-based economy relies on the crucial role of <a href="/facts/Intangible_asset/0uh19KF6">intangible assets</a> within the organisations' settings in facilitating modern <a href="/facts/Economic_growth/kEXm3jWm">economic growth</a>.
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Knowledge economy open-in-new

Knowledge economy