Profit motive refers to an individual or company's desire to seek and maximize profits. This motivation drives businesses to innovate, reduce costs, improve efficiency, and compete in the market, ultimately fueling economic growth and the emergence of new businesses.
Define the term.
Profit motive
an individual or company's desire to seek and maximize profits. It helps to fuel economies as small businesses are started off this desire alone
when companies selling similar products compete for the same customer
the relationship between the amount of a particular kind of good in the market and how much the customers want it
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