Question

Describe the types of economic activities.

Answer 1

Answer:

1. Profession

Profession is an occupation carried on by professional people like Doctors, Lawyers, Engineers, etc. They provide specialised services in return for fees. To become a professional, a man requires specialized knowledge and professional qualification. For e.g. Doctor needs specialised knowledge in medicine, a lawyer needs a degree in law, etc.

2. Employment

Employment is a type of occupation under which one person provides his services, physical or mental to someone else in return for which he gets salary or wage. The person who employs is called employer and the person who is employed is called employee or worker.

3. Business

Business is an economic activity concerned with production and distribution of goods and services with the aim to earn profit. It includes all those activities which are directly or indirectly concerned with production, purchase and sale of goods and services. So the production, marketing, advertising, warehousing, insurance, banking, etc. are all business activities.

Answer 2

Answer:

economic activities

it is the activity of making providing purchasing or selling goods or services any action that involves providing distributing

types of economic activities

• primary economic activity: natural resources
• secondary economic activity: manufacturing industry
• tertiary economic activity: providing service
• quaternary economic activity: provide in special environment

Explanation:

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