Joseph Shumpeter Came Up with the Term 'Creative Destruction', About

question 41

Short Answer

Joseph Shumpeter came up with the term 'creative destruction', about the impact of innovative entrepreneurs. Complete the following sentence which explains what this type of entrepreneur achieves.
Creative destructors act as ______ in an economy, and their creation - a new ______, a new ______, or a new ______ - triggers '______ that disrupts the existing ______ or ______ structure and creates a new industry or a new infilldustrial structure through innovation.

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Definitions:

Retiring Partner

A partner who is leaving a partnership, often subject to terms regarding withdrawal, compensation, and responsibilities outlined in a partnership agreement.

Limited Partnership

A business arrangement where at least one partner is liable only to the extent of their investment, while at least one other has unlimited liability.

Legal Position

The status or standing of an individual's or entity's situation according to the law.

Mail-Order Business

A retail operation that sells products directly to customers through catalogs, the internet, or other mail distribution methods.