Glossary

Let’s find out the meaning of the following words before we start. You need to know these to help you understand the contents of this week.

Social Innovation:

A new solution to a social problem which is more effective, efficient, sustainable or fairer compared to existing solutions, and which generates value primarily for society instead of single individuals or organizations. (Phills et al., SSIR, 2008)

Market Mechanism :

Means by which the forces of demand and supply determine prices and quantities of goods and services offered for sale in a free market.

NGO (Non-governmental Organization):

An organization that tries to achieve social or political aims but is not controlled by a government.

NPO (Non-profit Organization):

An organization whose most important goal is something that does not involve making a profit.

Entrepreneur:

Someone who starts their own business, especially when this involves seeing a new opportunity.

Entrepreneurship:

Skill in starting new businesses, especially when this involves seeing new opportunities.

Microfinance :

The activity or business of providing financial services, such as small loans, to poor people or new businesses that cannot use traditional banking services, usually in developing countries.

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This article is from the free online course:

Social Innovation in South Korea

Hanyang University