Social contract is an agreement between individuals according to which, any of various theories, Rousseau etc, organized society is brought into being and invested with the right to secure mutual protection and welfare or to regulate the relations among its members. It is an agreement of mutual benefit between an individual or group and the government or community as a whole.
Innovations are new idea, device or process. Innovations are the application of better solutions that meet new requirements, inarticulated needs or existing market needs. It is proficient through more effective products, processes, services, technologies, or new ideas that are readily available to markets, governments and society. Innovations are something original and novel, as a significant, new that breaks into the market or society.
Last date updated on June, 2014