Final answer:
Research and development (R&D) involves generating and experimenting with ideas for new or improved products, services, or processes, leading to technological advancements that can change the way we live and work.
Step-by-step explanation:
Research and development (R&D) is the generation of, and experimentation with, ideas related to new products, services, or processes. This includes activities such as the creation or redesign of products or services, and extends to improving the means of production or service delivery. For instance, the development of a new apple variety by the University of Minnesota fruit breeders demonstrates the long and challenging process of R&D, from initial idea generation and testing to the market release decades later. Protection of new inventions through patents can be crucial, as it encourages investment in R&D by providing exclusive legal rights to innovators and firms. Once the initial research is done, the selection of ideas leads to the creation and refinement of detailed plans. This can involve a range of activities from drafting and modeling to creating prototypes and eventually, production. This part of the process often necessitates flexibility and iteration, as new discoveries during prototyping and testing may alter the original design. In business, R&D can fuel technological advancements that significantly change how we live and work, underpinning the transition from traditional methods to modern efficiencies and conveniences.