Technology-intensive and manufacturing industries are illustrations of:
A)The so-called "Nash equilibrium"
B)The so-called "creative destruction"
C)The so-called "hyper-competition'
D)The so-called "deterrence effect"

Question

Quizplus · Accepted Answer

The term "creative destruction" refers to the notion that in a capitalist economy, industries and firms are constantly being replaced by newer and more innovative ones. This is particularly true in technology-intensive and manufacturing industries, where companies must continuously invest in research and development and new technologies in order to stay competitive. This process of creative destruction can be seen as a driving force behind economic growth and innovation.

Technology-Intensive and Manufacturing Industries Are Illustrations Of