Final answer:
The correct statement is that an innovation is the practical application of an invention. Technology refers to all advances that improve production quality or introduce new products, encompassing inventions and innovations.
Step-by-step explanation:
The correct statement among those provided is D. An innovation is the practical application of an invention. In this context, the term technology refers to all the advances that make existing machines and other inputs produce more, and at higher quality, as well as altogether new products. Technology can include a vast array of things, such as new products like the laser or the smartphone, but also includes innovative ways of organizing work, like the invention of the assembly line. It is broader than just invention or innovation on its own. While an invention is something completely new, an innovation refers to the improvement or novel application of these inventions.