As new products are introduced, that are better than their existing generation of products, sales normally increase, because the new products provide consumers increased value or worth. This process, which is called ________, stimulates economic activity, which is a good thing for the economy.
A) creative destruction
B) repetitive destruction
C) iterative replacement
D) inventive replacement
E) iterative destruction

Question

Quizplus · Accepted Answer

The process described is called creative destruction, which refers to the introduction of new and superior products or technologies causing the decline or elimination of existing products or industries. This process leads to innovation, competition, and economic growth.

As New Products Are Introduced, That Are Better Than Their