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Entrepreneurs frequently bring new products to market, making older substitute products obsolete. economist joseph schumpeter referred to this the process as

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Joseph Schumpeter referred to this process as CREATIVE DESTRUCTION. When  a company produces a new good that makes the  old ones already in the market obsolete, the company is said to be creatively destroying the old goods. This is because, the entrance of the new good into the market will drastically reduce the demand for the old goods since customers always want to enjoy greater benefits for their money. 
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