The Replacement of Older Products by Newer Improved Ones Is

question 115

Multiple Choice

The replacement of older products by newer improved ones is called

• A) trickle-down economic growth.
• B) creative destruction.
• C) economies of scale.
• D) planned obsolescence.

---

Definitions:

Factor 2

A component or element that contributes to a particular result or situation.

Profit

The financial gain obtained when the amount earned from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Marginal Product

Marginal product is the additional output resulting from the use of one more unit of a variable input, holding other inputs constant.

Fertilizer

Substances used to supply essential nutrients to plants, aiming to enhance growth, yields, and quality of agricultural produce.