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Minimize costs and maximize revenues.
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Why is the profit motive is considered an incentive in a market system?
Minimize costs and maximize revenues.
Why is profit motive considered an incentive in a market system?
Minimize costs and maximize revenues.
Why in a free market system producers are motivated to reduce costs and increase revenues?
The Profit Motive
What do the profit motive motivates producers to do in a free market system?
Minimize costs and maximize revenue.
What role does profit motive play in the free-market system?
Minimize costs and maximize revenues.
In a free market system the profit motive motivates producers to do?
Minimize costs and maximize revenue.
In a free-market system the profit motive motivates producers to do?
Minimize costs and maximize revenues.
What are the advantages of a free market economic system?
advantages of a market system are as follows 1.consumer and producer sovereignity is upheld to the maximum.-that is consummers can purchase any good they wish while producers can create any good they wish without government hindrance. 2.competition exists in market systems. this results in firms looking at new techniques and innovations to capture the market. 3.producers have an incentive to work harder due to the profit motive.
In a free-market system producers are motivated to reduce costs and increase revenues because of what?
The profit motive.
In a free market system the profit motive motivates producers to do which of the following?
minimize costs and maximize revenues
List the three fundamental principles of a free-market system?
private property, profit motive, competition
In a free-market system producers are motivated to reduce costs and increase revenues because of?
The profit motive.
