Question

write about the different parts of economic activities

Answer 1

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.

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.

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.

Answer 2

The four economic activities are essential to the establishment, growth and lifespan of any economy, resource, management concerns the stocks of resources available that contribute to the quality and conversation of life-production takes resources and produces products including goods and services. Distribution is the process but which all goods and services are shared. Markets are placed where exchange takes place. Unlike exchanges, transfers are distributions given with no expectation of return. Consumption is the final use of the good service.