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What is a primary aim of businesses?

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To generate profit by selling goods and services.

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Why is profit essential for businesses?

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Profit is essential for sustainability, expansion, and rewarding business owners and investors.

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How is profit calculated?

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Profit is calculated as Revenue – Expenses = Profit.

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What can businesses do with their profits?

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Businesses may reinvest profits into operations, research and development, or distribute them as dividends.

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How do businesses contribute to employment and income?

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Businesses provide jobs for individuals, contributing to employment in the economy and supporting individuals' livelihoods and consumer spending.

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What impact do employment levels have on the economy?

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Employment levels impact economic growth and overall living standards.

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How do businesses drive innovation?

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Businesses drive innovation by developing new products, services, and production processes.

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What are the benefits of innovation in business?

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Innovation leads to improvements in efficiency, competitiveness, and consumer choice.

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What are some examples of business innovation?

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Examples include advancements in technology, sustainable practices, and improved service delivery.

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How do businesses provide choice to consumers?

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Businesses offer a variety of goods and services, giving consumers the ability to choose based on price, quality, and preference.