Profit earned by an entrepreneur is a fixed contractual reward agreed upon prior to production, similar to wages paid to labour and interest paid on capital.
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The statement is false. Profit is a residual, non-contractual reward that fluctuates based on business risk and market performance, unlike wages and interest which are predetermined contractual obligations.
The statement is false because profit is not a predetermined contractual cost. In economic terms, land, labour, and capital receive contractual rewards (rent, wages, and interest) that must be paid first. Enterprise receives profit as the residual income leftover after all operational costs are covered. Consequently, profit is uncertain and can be positive, zero, or negative.
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Nature of Profit as a Residual Reward for Enterprise