The process by which new products and technologies drive out existing products and techniques is known as:
A) Destructive creation.
B) Creative destruction.
C) Consumer sovereignty.
D) Capital accumulation.

Question

Quizplus · Accepted Answer

Creative destruction is the process by which new, innovative technologies and products replace older, established ones. This can lead to the decline, or even destruction, of certain industries or companies that are unable to adapt to the changes. It is a fundamental concept in economics and is seen as a necessary part of the market economy's growth and dynamism. The term was coined by economist Joseph Schumpeter.

The Process by Which New Products and Technologies Drive Out