(Optional) Explain the concept of profit.

Explanation should include

• definitions of profit, gross profit, net profit, income, and expenses
• the concept that profit is the money left over after all expenses have been paid
• examples of how profit drives business (e.g., by reinvesting in business). 

Process/Skill Questions:

• What are examples of expenses that affect a business owner’s profits?
• What effect does profit have on business survival?
• How does the motive for greater profits affect the quantity of supply?
• How can the environment affect profits?