What impact does government funded basic research have on the economy?

The video discusses the process of generating ideas through basic research and translating them into commercial activities. This process contributes to an economic cycle where businesses pay taxes and hire people, who in turn pay taxes, feeding back into the federal budget to support new ideas. This cycle is integral to the economy and societal development.

What is the primary role of basic research in the innovation process?

• To directly create commercial products

• To generate new ideas

• To reduce taxes

• To fund government projects

How do commercial activities benefit society according to the video?

• By reducing the cost of living

• By creating jobs and generating taxes

• By eliminating government budgets

• By increasing inflation

What is one way that taxes from commercial activities are used?

• To fund new research ideas

• To increase corporate profits

• To lower interest rates

• To build private schools

What is the significance of the economic cycle mentioned in the video?

• It only benefits large corporations

• It is a minor part of the economy

• It is integral to the economy's fabric

• It disrupts the federal budget

How does the economic cycle contribute to the federal budget?

• By eliminating taxes

• By seeding new ideas

• By reducing government spending

• By increasing national debt