Question

Q1 Karan is running a grocery shop in the nearby local market whereas his friend
Priyanshu works as a finance manager in a reputed IT company.
In context of the above case:
(a) Identify the different types of economic activities both the friends are
engaged in.
(b) Distinguish between the two different types of economic activities as
identified in part (a) on any four basis

Answer 1

Answer:

both are engaged in economic activity cause they are earning money

Answer 2

The two different types of economic activities

Explanation:

a) Karan running grocery shop is a  business activity where the retailers or wholesalers gets the goods and services from the manufacturers to the consumers.

Priyanshu works as a finance manager in a reputed IT company is in charge of the financial activities of the company.

• b) The  grocery shop should satisfy the needs of  nearby local market.

• The daily activities of management includes purchasing, restocking, accounting and selling.
• Grocery shop offers low price to customers.
• They have to restock the perishable goods.

1. Financial manager must ensure enough funds are available for business.
2. He should achieve safety of investment and secure maximum profit.
3. He should credit worthiness and good image of business.
4. He should raise funds at lowest possible cost.

To know more:

different types of economic activities

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