Where the words come from
Technological change as invention plus innovation, and innovation as putting an advance in knowledge to use — Principles of Economics 2e, OpenStax, licensed CC BY 4.0. https://openstax.org/books/principles-economics-2e/pages/20-2-labor-productivity-and-economic-growth and https://openstax.org/books/principles-economics-2e/pages/20-3-components-of-economic-growth. Changes: 20.2's "Technological change is a combination of invention—advances in knowledge—and innovation, which is putting those advances to use in a new product or service" split into two sentences; "an invention can sit unused for years" is ours; the recap's cost-curve, market-structure and Schumpeter sentences summarise this page's other blocks; British spelling.
Firms seeking the lowest-cost production technology, and new technology shifting the long-run average cost curve and the size of firms — Principles of Economics 2e, OpenStax, licensed CC BY 4.0. https://openstax.org/books/principles-economics-2e/pages/7-5-costs-in-the-long-run. Changes: The search for the lowest-cost technology and the fear of rivals who produce for less condensed; the downward shift of the average cost curve from AC1 to AC2, the chart and the choice between a higher margin and a lower price are ours; the assembly-line, department-store and gas-turbine cases kept with the megawatt figures dropped; the Pirelli tyre plant left out; the Microsoft and Amazon "winner-take-all" case condensed to "some digital markets tend towards one dominant firm"; British spelling.
The innovator's temporary edge and above-normal profit until competitors catch up — Principles of Economics 2e, OpenStax, licensed CC BY 4.0. https://openstax.org/books/principles-economics-2e/pages/13-1-why-the-private-sector-underinvests-in-innovation. Changes: "An innovative firm knows that it will usually have a temporary edge over its competitors and thus an ability to earn above-normal profits before competitors can catch up" condensed; the rest of the block (imitators, old firms losing sales and exiting, resources moving, the online rental and streaming example, and Schumpeter's name for the process) is ours.
What exit costs workers, investors and owners — Principles of Economics 2e, OpenStax, licensed CC BY 4.0. https://openstax.org/books/principles-economics-2e/pages/8-3-entry-and-exit-decisions-in-the-long-run. Changes: "When a business fails, after all, workers lose their jobs, investors lose their money, and owners and managers can lose their dreams" condensed; the reallocation of labour and capital and the link to dynamic efficiency are ours.
Questions, options, diagrams and feedback are our own. Figures credited to a source above are that source's; every other figure is invented to show the method.