The newly developed smart phone platforms such as Windows Phone and Android have

Question

The newly developed smart phone platforms such as Windows Phone and Android have increased their consumer market share since 2010. As a result, the previous Symbian and Palm phone platforms and devices have gone out of business. Since then phone manufacturers have switched to the new platforms. This is an example of:

A)

creative destruction.

B)

derived demand.

C)

capital accumulation.

D)

the difference between normal and economic profits.

A)

creative destruction.

B)

derived demand.

C)

capital accumulation.

D)

the difference between normal and economic profits.

Explanation / Answer

A) CREATIVE DESTRUCTION

as in which capitalist economic development arises out of the destruction of some prior economic order

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