Question

Three friends Arun, Tarun and Varun are engaged in different types of activities to earn their
livelihood. Arun describes his occupation by saying that, "transfer of interest is not possible in
case of my occupation and at the same time it does not require any capital investment.” Tarun
remarks, “in my occupation also transfer of interest is not possible but one needs to possess
high degree of specialized knowledge in a particular field." Varun shares that in his occupation
transfer of interest is possible with some formalities and also capital investment is essential
(a) Identify the different types of economic activities being described in the above
paragraph.
(b) Give any three points of difference between them which have not been mentioned in
the given paragraph.​

Answer 1

(a) The economic activities are ;

1.Business

2. Employment

3. profession.

(b) business = in this there is a main motive to earn money through production.

employment = in this peoples work under some people.

profession = in this a have have need to get specialised knowledge about a particular stream.

I thik this answer is helpful for you.