Examlex
Which of the following accounts is a permanent account?
Creative Destruction
A concept in economics introduced by Joseph Schumpeter, describing the process by which old industries or technologies are destroyed and replaced by new ones.
"Destroyed" Industries
Refers to industries that have significantly declined or been rendered obsolete due to technological advancements, market shifts, or regulatory changes.
"Created" Industries
Sectors or markets that have emerged as a result of innovation, technological advances, or governmental policy.
Entrepreneurs
Individuals who take the initiative to start and manage a business, taking on financial risks with the aim of making a profit.
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