What Is the Term Used for the Process by Which

question 96

Multiple Choice

What is the term used for the process by which an entrepreneur creates or recognizes a new and better product, acquires it, and brings it to market, making older substitutes obsolete?

• A)Creative destruction
• B)Innovation
• C)The substitution effect
• D)Backward-bending innovation

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Definitions:

Individual Productivity

The amount of output or work a single person can produce in a given timeframe.

Group Polarization

A group's propensity to opt for decisions that are more pronounced in extremity than the early tendencies of its members.

Acquittal

A legal judgment that a person is not guilty of the crime with which they have been charged.

Favor

An act of kindness beyond what is due or usual.