ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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free enterprise
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scarcity
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the profit motive
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value
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Detailed explanation-1: -The profit motive is the intent to achieve a monetary gain in a project, transaction, or material endeavor. Profit motive can also be construed as the underlying reason why a taxpayer or company participates in business activities of any kind.
Detailed explanation-2: -KEY TAKEAWAYS. The profit motive is known as a person’s drive to partake in activities that will give them the most economic gain. Because of the profit motive, people are far more likely to innovate, invent, and take risks that they would not otherwise undertake.
Detailed explanation-3: -On the producer end, the profit motive works to allocate resources by encouraging producers to start new businesses.
Detailed explanation-4: -Examples of the profit motive An engineer wants to stop spending money on gasoline and knows they can make money if they patent a new type of fuel. They spend their free time working on a machine that can convert water into energy for their vehicle.