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10 Cards in this Set
- Front
- Back
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Creative destruction |
The way in which quality improving innovations lead to economic growth |
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Innovation |
Developing an idea that will generate new or improved products or production techniques |
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Disrupters |
The businesses that manage to initiate change across the market |
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Pros of entrepreneurs for the economy |
Creates jobs Create dynamic markets |
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Adding value |
The difference between the cost of the material inputs and the eventual value of the product in terms of the price that can be charged for it |
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Profit |
Sales revenue - costs of production |
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Sales revenue |
Price x Quantity sold |
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Investment |
Spending now to generate income in the future |
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Incentives |
Financial and other rewards that induce people to behave in a certain way |
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Example of an incentive |
Profit |
