A person repairs scooters on roadside."" Identify the type of economic activity. Give its two features also
Answers
Answer:
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Any activity is called an economic activity when it is done with a view to earning money. The motive of a business is to earn profit primarily. However, there are some other objectives as well like increasing market share, improvement in productivity, employee satisfaction, consumer satisfaction, social objectives but the main and basic objective of a business is to make profits. Therefore, it is called economic activity.So the man repair his scooter on road side consider as economic activity.
Explanation:
Business refers to those economic activities which are concerned with the production or purchase and sale of goods or supply of services with the main object of earning profits.
Profession refers to those activities which require special knowledge and skill to be applied by individuals in their occupations.
Employment refers to the occupation in which people work for others and get remunerated in return.