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New Firms
New firms are businesses that have been recently established, entering the marketplace with the intention to offer goods or services.
Creative Destruction
A process through which new innovations cause older technologies or models to become obsolete, promoting progress but also potentially leading to job losses.
Economic Recession
A temporary downturn in economic activity, characterized by decreased trade and industrial output, usually marked by a decrease in the Gross Domestic Product (GDP) for two consecutive quarters.
Automobile Production
The process of manufacturing cars, involving assembly of various components such as engine, chassis, bodywork, and electronics.
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