Teaching UGC NET Mock Test Series 2025 (Paper 1 & 2) General Knowledge Economy National Income Accounting
Creative destruction is often seen in the news. Consider the following statement regarding it,
1. It refers to the incessant product and process innovation mechanism by which new production units replace outdated ones.
2. It was coined by Joseph Schumpeter.
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2