Creative Destruction Is a Key Concept of Schumpeter's, Which Sets

question 15

Multiple Choice

Creative destruction is a key concept of Schumpeter's, which sets out to clarify innovation and economic growth. In other words, it means:

• A) that creative people destroy economic circulation
• B) that the new and improved replaces the old, keeping the economy going non-stop
• C) that entrepreneurs are the ones who make it happen
• D) that the economy's natural impulse to restore balance is fueled by entrepreneurs

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Definitions:

Breach of Contract

The failure or refusal of a party to fulfill its obligations as outlined in a mutually agreed-upon legal document.

Assignment Form

A legal document used to transfer rights or interests from one party to another.

Privity of Contract

The principle that a contract is a private agreement between the contracting parties only, and as such, only these parties have rights and obligations under the contract.

Incidental Beneficiary

One who unintentionally gains a benefit from a contract between other parties.