The Acting Out of a Decision to Give Something Up

question 44

Multiple Choice

The acting out of a decision to give something up in return for something of greater value is known as _____.

• A) exchange
• B) marketing
• C) consumption
• D) consumer behavior
• E) benefitizing

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Definitions:

Invention

This is the creation of a new product, process, or idea that did not exist before.

Innovation

The introduction of something new, such as an idea, method, or device, that is designed to improve processes, products, or services.

Wide Imitation

The extensive replication of a product, service, or innovation by multiple competitors or industry participants, often signalling the success or desirability of the original.

Creative Destruction

A process through economic innovation in which older models or structures are destroyed to make way for new advancements.