Question

Economic activities are undertaken for earning a living. do you agree? if yes ,give reasons in support of your answer?

Answer 1

Answer :

Yes, I agree that economic activities are undertaken for earning a living.

Explanation :

Economic activities refer to the production, distribution, and consumption of goods and services. These activities are necessary for individuals and society to meet their basic needs and improve their standard of living.

Economic activities provide opportunities for individuals to earn a living through employment, self-employment, or entrepreneurship. For example, people can work in various industries, such as manufacturing, retail, or healthcare, to earn wages or salaries. They can also start their own businesses or become self-employed by providing goods or services to others.

Economic activities also generate income for governments, which can be used to fund public services, such as education, healthcare, and infrastructure. Economic activities also contribute to economic growth and development, which can lead to higher standards of living for individuals and society as a whole.

Furthermore, economic activities also facilitates trade, it allows for the exchange of goods and services between individuals and countries, which can lead to a wider variety of goods and services available to consumers and improved living standards.

In conclusion, economic activities are essential for individuals and society to survive and thrive, as they provide opportunities for earning a living, generating income for governments, and contributing to economic growth and development.

To know more about the concept please go through the links :

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Answer 2

Economic activities are undertaken for earning a living.

• Business activities refer to all human endeavours aimed at generating revenue. Therefore, the primary characteristics of economic activity include the production, distribution, and exchange of commodities and services, as well as the economic incentive, utility creation, monetary measurement, satisfaction of demands, etc.
• When resources like labour, capital goods, manufacturing processes, or intermediary items are combined to create particular goods or services, that is considered an economic activity. As a result, a production process, resource input, and product output define an economic activity (goods or services).
• Resource management, the production of products and services, their distribution, and their consumption make up the four fundamental economic activities.
• Economic activities are those involving money or the exchange of goods or services.

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