Answer to Question #233270 in Microeconomics for Nakanwagi Fiona

Question

Innovation and a sense of responbulity can replace a profit motive discuss

Answer 1

Being innovative and having a sense of responsibility can replace profit motive because innovation helps you to:

• improve productivity
• reduce costs
• be more competitive
• build the value of your brand
• establish new partnerships and relationships
• increase turnover and improve profitability.

All these leads to maximizing the profit hence replacing profit motive