The Goal of Business in Relation to Profit Is Generally

question 24

Multiple Choice

The goal of business in relation to profit is generally taken as:

• A)profit maximisation.
• B)profit planning.
• C)profit generation.
• D)profit stabilisation.

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Definitions:

Cost of Living

The amount of money needed to sustain a certain standard of living by affording basic expenses such as housing, food, taxes, and healthcare.

Utility Function

A representation in economics of how a consumer ranks different goods or services, based on the level of satisfaction they provide.

Consumption

Consumption involves the use of goods and services by households, constituting one of the primary components of economic activity and a key indicator of economic health.

Income

The monetary payment received for work or through investments, pensions, or subsidies, which is used for consumption and saving.