What is creative destruction? Define political creative destruction
What will be an ideal response?
Creative destruction refers to the process in which new technologies replace old ones, new businesses replace existing businesses, and new skills make old skills irrelevant. The process of creative destruction implies that technological change is the main driver for economic growth but also creates losers as it replaces otherwise profitable firms or technologies with newer ones.
Political creative destruction refers to the process in which economic growth destabalizes existing regimes and reduces the political power of rulers and monarchs.
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A decrease in the general price level is associated with an upward shift in the aggregate expenditures function
a. True b. False Indicate whether the statement is true or false
Which of the following will not cause a change in the demand for a product?
a. a change in consumer income b. a change in consumer preferences c. a change in the price of the product d. a change in the price of a substitute product