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Economic and Non-Economic Activities Quiz

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Economic and Non-Economic Activities Quiz

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Questions and Answers

Why is a cobbler making shoes for himself not considered engaged in business?

Because business transactions involve selling goods or services to others for profit. (correct)

Because engaging in business requires a formal education in commerce.

Because business needs to be officially registered with the government.

Because business activities should always be done on a large scale.

What is the key difference between economic and non-economic activities based on purpose?

Economic activities involve the production of goods or services, while non-economic activities do not.

Economic activities aim to generate income, while non-economic activities do not. (correct)

Economic activities are profit-oriented, while non-economic activities are not.

Economic activities are related to monetary transactions, while non-economic activities are not.

What defines a profession?

Professions are always related to artistic skills.

Professions are limited to medical and legal fields only.

Professions do not require any specialized training or education.

Professions are characterized by a high level of expertise and adherence to a code of ethics. (correct)

Explain any two characteristics of ______

employment Signup and view all the answers

What is meant by ? Describe any two characteristics of

business Signup and view all the answers

Why do we call a person doing carpentry as engaged in a ______?

vocation Signup and view all the answers

Define the term 'occupation'.

An occupation refers to a person's regular work or profession. Signup and view all the answers

Why is a cobbler making shoes for himself not engaged in business?

A cobbler making shoes for himself is not engaged in business because business involves production or exchange of goods or services for profit, which is absent in this scenario. Signup and view all the answers

Describe the main characteristics of business.

Business involves the production or exchange of goods or services for profit. It is carried out regularly and systematically. Signup and view all the answers