Q.2 Explain the following terms/concepts.
1) Business
2) Profession
3) Employment
4) Home Trade
5) Foreign Trade
6) Economic Activity
7) Non-economic Activity
Answers
1)-A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities.
2)-a paid occupation, especially one that involves prolonged training and a formal qualification.
3)Employment is a relationship between two parties, usually based on contract where work is paid for, where one party, which may be a corporation, for profit, not-for-profit organization, co-operative or other entity is the employer and the other is the employee.
4)Home trade refers to the trade within the borders of the country.
5)Foreign Trade refers to the trade between two or more countries.
6)Economic activity refers to a human activity related to production and consumption of goods and services for economic gain.
7)Non-economic activity is an activity performed gladly, with the aim of providing services to others without any regard to monetary gain.