GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Public
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Nonprofit
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Private
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Government
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Detailed explanation-1: -The profit motive refers to an individual’s drive to undertake activities that will yield net economic gain. Because of the profit motive, people are induced to invent, innovate, and take risks that they may not otherwise pursue.
Detailed explanation-2: -Firms that are managed by their owners, such as sole traders, may try to maximise profits, whereas firms run by professional managers may look to maximise sales revenue, given that they are usually paid a salary from revenue rather than from profit.
Detailed explanation-3: -Profit motive refers to an entity’s intention that drives the entity to indulge in profit-making activities to achieve financial gain and profit. This powerful force motivates the entity to attain and accumulate wealth until the need or desire is satisfied.