ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the money left over after the expense are subtracted from sales
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the economics of one unit
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a reason entrepreneurs take on business risks
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profit calculated as a percentage of expenses
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Detailed explanation-1: -Profit motive can also be construed as the underlying reason why a taxpayer or company participates in business activities of any kind. Simply put, the profit motive suggests that people tend to take actions that will result in them making money (profiting).
Detailed explanation-2: -Having a profit motive means that you intend to earn more in revenue from the activity than you incur in expenses. It doesn’t mean you’ll necessarily earn a profit. It just means that that’s your intent.
Detailed explanation-3: -The profit motive is generally a good thing. It drives hard work, innovation, and the success of the capitalist system.
Detailed explanation-4: -Mastery seeking is an entrepreneur’s intrinsic desire to produce a good product or service. Profit seeking is a businessperson’s desire to make a profit regardless of the quality of the product or service. Competition is motivation for entrepreneurs.
Detailed explanation-5: -The profit motive that drives companies and individuals all too often gives way to greed. The power of leadership all too often gives way to elitist domination. The accumulation of wealth can look like excess or hoarding while income inequality increases in economies around the globe.