1. A profit motive plays the role of making a profit for a free enterprise system business. Competition plays a role of competing with other business that sells and distributes the same products. The impact of a profit motive helps the company to grow and expand from the profits that they make after paying expenses. The impact of competition is that it forces you to improve in quality of your products that you sell and distribute.
2. Alot of businesses compete with each other with price and non price factors. In a electronic industry, prices is a major factor. The prices always fluctuate on electronics because companies try to be the most reasonable one when it comes to there competition. Prices and non price factors helps businesses to get products at a lower rate.
3. A need is something that people need to maintain a particular lifestyle and a want is something that you do not need but will love to have as your own.
4. After reading the passage I have learned that supply and demand and cost and profit has there similarities. Supply and demand deals with the amount of valuables being sold to consumers which also deals with cost of the valuables for consumers to see if its possible for them to make a profit from it.
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