To solve this problem, we need to arrange the given words in lexicographical (dictionary) order. The words are:
- INVENT
- INVENTION
- INNOVATION
- INVEST
Dictionary order refers to the way words are organized based on the alphabetical sequence of their letters. We will compare them letter by letter:
- INNOVATION comes first because after "INNO", it contains "V" which is lower than "VE" in "INVENT" and "INVEST".
- INVENT follows because it contains just "INVENT" which is complete and smaller than "INVENTION".
- INVENTION comes after "INVENT" as it shares the same letters initially but is longer.
- INVEST comes last because the sequence "INVES" is higher than "INVENT" but the same "INV" as previous.
Therefore, arranged in dictionary order, the words are:
- INNOVATION
- INVENT
- INVENTION
- INVEST
The word in the third position is INVENTION.