what are economic activities?Explain.
Answers
Economic activities are related to production, distribution, exchange and consumption of goods and services.
The primary aim of the economic activity is the production of goods and services with a view to make them available to consumer.
"Human activities which are performed in exchange for money or money's worth are called economic activities."
In other words, economic activities are those efforts which are undertaken by man to earn Income, Money, Wealth for his life and to secure maximum satisfaction of wants with limited and scarce means.
E.g. A worker works in a factory and gets wages.
types of economics activities
1. Profession
Profession is an occupation carried on by professional people like Doctors, Lawyers, Engineers, etc. They provide specialised services in return for fees. To become a professional, a man requires specialized knowledge and professional qualification. For e.g. Doctor needs specialised knowledge in medicine, a lawyer needs a degree in law, etc.
2. Employment
Employment is a type of occupation under which one person provides his services, physical or mental to someone else in return for which he gets salary or wage. The person who employs is called employer and the person who is employed is called employee or worker.
3. Business
Business is an economic activity concerned with production and distribution of goods and services with the aim to earn profit. It includes all those activities which are directly or indirectly concerned with production, purchase and sale of goods and services. So the production, marketing, advertising, warehousing, insurance, banking, etc. are all business activities.
mark as brain list