What is Knowledge Economy?
Definition of Knowledge Economy: The scientific economy is a system of consumption and production based on intellectual capital. In particular, it relates to scientific knowledge as well as the potential for basic and applied research. In most industrialized countries, it is now an important part of total economic activity. In a knowledge economy, an important component of value can consist of unimaginable assets, such as the value of knowledge or the intellectual property of your employees.
- Academic economics describes the commercialization of science and modern science.
- In the knowledge economy, research-based innovation is commercialized through patents and other types of intellectual property.
- In the information age, the global economy has moved closer to the knowledge economy.
Literal Meanings of Knowledge Economy
Meanings of Knowledge:
The theoretical or practical understanding of a subject, the facts, information and skills that a person acquires through experience or training.
Awareness is gained by experiencing an event or situation.
Sentences of Knowledge
Thirsty for knowledge
This program was created without your knowledge.
Synonyms of Knowledge
appreciation, awareness, mastery, cognition, consciousness, command, comprehension, grasp, apprehension, understanding, realization, grip, perception, recognition
Meanings of Economy:
The wealth and resources of a country or region, especially those related to the production and consumption of goods and services.
Careful management of available resources.
(Of a product) that offers a good value for money.
Sentences of Economy
The global economic slowdown has weakened demand for Japan's high-tech exports, forcing manufacturers to cut back on their output.
Heat distribution and fuel economy
Synonyms of Economy
economizing, prudence, resources, good husbandry, frugality, saving, care, abstemiousness, thrift, carefulness, providence, scrimping, wealth, financial resources, restraint, scrimping and saving, careful budgeting, fuel-saving, canniness, good management, thriftiness