What are the functions of profit in an economic system?
Profit plays the following roles in economic systems:
- It provides to entrepreneurs with reward for risk bearing without which he/she could not undertake production
- It can be used for expansion of the business operations
- It can be used for research, invention and innovations
- It encourages efficient allocation of resources. More resources are allocated in the line where profit is highest
- It attracts resource flow in the country by foreign investors who invest in the country to get profit
- It a source of revenue to the government by taxing profit
- It can be used to reward other factors such as capital and land
CATEGORIES Economics
TAGS Dr. Bbosa Science
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