Question

Q21 ‘‘Business is an economic activity.’’ Do you agree? Provide reasons in support of your claim?
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Answer 1

Answer:

To sell goods or services for profit: Economic activities are those activities which are undertaken to generate an income. Business is an economic activity because it is carried out as a means of earning money. Businessman make money by producing and selling commodities which help to satisfy human wants.

Business is considered an economic activity because it is concerned with production, purchase, sale or distribution of goods and Services with an aim of earning profit