Which Economist Created the Theory of Creative Destruction

question 24

Multiple Choice

Which economist created the theory of creative destruction?

• A)William Nordhaus
• B)Joseph Schumpeter
• C)Adam Smith
• D)Milton Friedman

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Definitions:

Debit Balance

An accounting balance where the sum of debits exceeds the sum of credits, typical for assets and expenses.

Sales Tax

A tax paid to a governing body for the sales of certain goods and services usually collected by the retailer at the point of purchase.

Account Receivable

A financial record of the money owed to a business by its customers for goods or services delivered on credit.

Perpetual Inventory System

An inventory management system that updates item records continuously as transactions occur, providing a real-time view of inventory levels.