Final answer:
William's new product is an example of technological change, stemming from a combination of invention and innovation. This kind of change often leads to significant advancements in products and can disrupt entire industries.
Step-by-step explanation:
After years of development, William's organization has introduced a new product with capabilities unmatched by any other on the market. This new product is an example of technological change, which is defined as a combination of invention—advances in knowledge—and innovation. Innovation refers to the process of modifying an existing product, system, or process to improve it, which can be incremental or radical.
Technological change is vital in contributing to economic growth and often disrupts industries with improved or completely new products. For instance, the evolution from floppy disks to flash drives represents a generational model of technological advancements, where each iteration offers improvements or entirely new capabilities. William's new product likely represents such a leap in technology, significantly impacting the market.