The successful commercial introduction of a new product, the use of a new method, or the creation of a new form of business enterprise is called
A)innovation.
B)invention.
C)creative destruction.
D)diffusion.

Question

Quizplus · Accepted Answer

Innovation refers to the successful commercial introduction of a new product, the adoption of a new method, or the creation of a new form of business enterprise, distinguishing it from invention, which is the creation of something new, and diffusion, which is the spread of something within a market or society. Creative destruction, a concept often associated with economist Joseph Schumpeter, refers to the process by which new innovations replace outdated industries and economic structures.

The Successful Commercial Introduction of a New Product, the Use