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4 Cards in this Set
- Front
- Back
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Define entrepreneur |
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Define creative destruction |
The way in which quality improving innovations lead to economic growth. Customers switch to new products - the typewriter. |
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Example of creative destruction |
Technological change can result in improvements in efficiency and productivity, which could lower costs of production Mobile phones are cheaper to produce and quality has increased Old products replaced by new ones - video tapes for DVD |
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Define innovation |
Developing an idea that will generate new or improved products. |
