Question

report on the development of trade and commerce between 1st and 17th aad briefly

Answer 1

Answer:

Total Income or national Income is calculated by adding the Total Income of all people of that country ,by this we get to know how much wealth is there in the whole country , but we do not know how much is the per capita income of that country. This is why the Total Income or national Income is not suitable to compare countries

Answer 2

The following are the different types of economic activities.

(a) Business: It basically involves trading of goods and services on a regular basis. The sole motive with which a business is conducted is profit.

(b) Profession: A profession is an occupation that requires highly specific and in-depth knowledge of the relevant field. Every profession is different from another in terms of the knowledge and skills required to practise it. For instance, a doctor cannot engage in the profession of an engineer.

(c) Employment: In this type of economic activity people are hired by organisations to work on a regular basis and are paid in exchange of their services. Normally, a monthly salary is paid. The payments are generally in monetary terms along with certain non-monetary compensations such as perks and other types of allowances. The remuneration paid to blue-collar employees (basically, workers) is termed ‘wages’, while the remuneration paid to white-collar employees (particularly, officers) is termed ‘salary’. All the employees of an organisation work together for the achievement of the common goals.

Business is primarily undertaken with an objective to earn money to finance one’s livelihood. It can be said that the sole motive with which a business is run is profit. That means, the decision to carry-out a business is not out of love or to perform charitable activities. Hence, business is considered an economic activity.