"Creative destruction" is:
A) always easy and fast
B) the process of competition where the inefficient producers are driven out of business
C) exemplified by farms being replaced by golf courses and resorts
D) one reason for the decrease in consumer buying power
E) when one firm is taken over by another

Question

Quizplus · Accepted Answer

Creative destruction refers to the process where new innovations and ideas enter the market, leading to competition and eventually causing inefficient producers to exit the market. This process can be seen as destructive as it can lead to job losses and business closures, but it is also creative because it allows for new, more efficient producers to enter the market and drive economic growth. The other options are not accurate descriptions of creative destruction.

"Creative Destruction" Is