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 ______

    <p>employment</p> Signup and view all the answers

    What is meant by ______? Describe any two characteristics of ______

    <p>business</p> Signup and view all the answers

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

    <p>vocation</p> Signup and view all the answers

    Define the term 'occupation'.

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

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

    <p>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.</p> Signup and view all the answers

    Describe the main characteristics of business.

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

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