The creation of a new product is called
A)process innovation.
B)a rise in productivity.
C)creative destruction.
D)investment.
E)product innovation.

Question

Quizplus · Accepted Answer

The creation of a new product is called product innovation. This involves the development of new or improved products that provide greater value to customers or are more efficient or cost-effective than existing products. Process innovation (A) refers to the development of new or improved methods for producing goods or services. A rise in productivity (B) refers to an increase in output per unit of input. Creative destruction (C) is a term used to describe the process by which new innovations replace older, less efficient ways of doing things. Investment (D) refers to the purchase of assets that are expected to generate income or appreciate in value.

The Creation of a New Product Is Called