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| 1. |
Explain in detail the types of economic activities with example (6 marks) |
| Answer» 1. Business = It is an economic activity which is conducted on regular basis to earn profit through production ; sale of goods and services2. Profession = It is an economic activity which is conducted on regular basis by a single individual having some special skills and knowledge<br>Three types of economic activities:\tBusiness:\xa0Business refers to activities which are concerned with production, purchase, sale and supply of goods on a regular basis with a motive to earn profit. Examples: Factories, malls etc.\tProfession:\xa0Profession refers to an occupation wherein individuals with specialised knowledge and qualification provide personalised and expert services to people to earn a living (by charging professional fees for their services). Examples: Medical practitioners, practising chartered accountants etc.\tEmployment:\xa0Employment refers to an activity in which individuals hired by organisations work regularly and receive remuneration (salary or wages) for their services in return. Example: Jobs in multinational companies, banks etc.<br>I dfk | |