What defines the discovery of a new process that can lead to potential new products after research?

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Prepare for the GCSE Business Exam with targeted flashcards and multiple choice questions. Get hints and explanations for each question. Excel in your exam!

The correct answer is focused on the concept of invention, which is defined as the creation of a new process or product that did not previously exist. Invention involves original ideas and novel methods that arise from research and experimentation. This process often requires new ways of thinking and problem-solving, and it has the potential to lead to unique products or solutions that cater to unmet needs in the market.

In contrast, innovation typically refers to the improvement or refinement of existing products or processes rather than the creation of entirely new ones. Development relates more to the furthering and realization of ideas already in the pipeline, while formation is a broader term that generally refers to the establishment of something, such as a company or organization, rather than a specific change in processes or products.

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