Question

Profit is given for bearing uncertainty explain in economics

Answer 1

The Knight's Theory of Profit was proposed by Frank. H. Knight, who believed profit as a reward for uncertainty-bearing, not to risk bearing. ... Such as risks due to the fire, theft, or accident are calculable and hence can be insured in exchange for a premium

Answer 2

Definition: The Knight's Theory of Profit was proposed by Frank. H. Knight, who believed profit as a reward for uncertainty-bearing, not to risk bearing. ... Such as risks due to the fire, theft, or accident are calculable and hence can be insured in exchange for a premium.

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