The replacement of older products by newer improved ones is called
A) trickle-down economic growth.
B) creative destruction.
C) economies of scale.
D) planned obsolescence.

Question

Quizplus · Accepted Answer

"Creative destruction" refers to the process of replacing existing products or practices with new, improved ones, often through technological advancements or innovation. This term, coined by economist Joseph Schumpeter, describes the way in which capitalism and entrepreneurship can lead to constant change and progress in the economy.

The Replacement of Older Products by Newer Improved Ones Is