Answer to Question #240925 in Economics for CCW

Question

Economics Chap. 4 :

Make visual notes, acronyms, symbols, to make definitions visual

3) law of supply -

4) profit motive -

Answer 1

3) The law of supply is the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.

4) The profit motive is the intent to achieve a monetary gain in a project, transaction, or material endeavor.