Explain the Concept of "Creative Destruction" by Innovation

question 29

Essay

Explain the concept of "creative destruction" by innovation.Does it ensure positive economic profits in the long run?

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Definitions:

Choices

Choices refer to the act of selecting between two or more possibilities and are fundamental to decision-making processes in both personal and professional contexts.

Alternatives

Other options or choices available to businesses or individuals when making decisions, reflecting the diversity of possible approaches or solutions.

Substitute

A person or thing acting in place of another, often used in the context of replacing an original item or role with an alternative.

Threat

A possible danger that might exploit a vulnerability to breach security and cause possible harm to a system or organization.