What is the term used for the process by which an entrepreneur creates or recognizes a new and better product, acquires it, and brings it to market, making older substitutes obsolete?
A)creative destruction
B)innovation
C)the substitution effect
D)backward-bending innovation

Question

What is the term used for the process by which an entrepreneur creates or recognizes a new and better product, acquires it, and brings it to market, making older substitutes obsolete?
A)creative destruction 
B)innovation 
C)the substitution effect 
D)backward-bending innovation

Quizplus · Accepted Answer

Creative destruction refers to the process where new innovations replace outdated products or services, making them obsolete, which aligns with the description given.

What Is the Term Used for the Process by Which