Question

please answer in accordance of 3 marks. what are the different types of economic activities? Explain.

Answer 1

economic activities are those activities which add value to the nation income it has two types market and non market activities
* market activities :- these activities performed for your profit
* non market activities these activities are performed for self consumption

Answer 2

1. Profession:

A profession is an occupation which involves rendering of personal service of a specialised nature. The service is based on professional education, knowledge, training etc. This service is provided for a professional fees charged from the clients. The professionals are members of professional bodies and conduct their activities according to the standards set by those bodies. The professional bodies have their own code of conduct which members will have to obey.

2. Employment or service:

When a person undertakes to render personal service under an agreement of employment, he is said to be in service or employment. The service is rendered for a salary or wage and/or other benefits attached to that job. The service may be in a government or a private organisation.

3. Business:

Business may be defined as an activity concerned with the production and exchange of goods and services with the objective of earning profits. The word ‘Business’ literally means ‘a state of being busy’. Every person is engaged in some kind of occupation in order to earn one’s living.