Scenario: Uber's groundbreaking approach of allowing riders to hail a taxi through a smartphone application marked a significant innovation in the transportation industry. Uber was the pioneer in adopting this strategy. Innovation and entrepreneurial initiatives like this contribute to expanding economic activity by introducing novel products and markets that were previously non$-$existent.

Question: In light of Uber's innovative strategy, which aspect of innovation's economic impact does this scenario primarily illustrate?

Enhancing consumer convenience through technological advancements.

Creating opportunities for established companies to enter new industries.

Increasing economic activity by pioneering innovative approaches.

Reducing competition by introducing new products and markets.