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Questions and Answers
Which of the following is NOT an economic activity?
Which of the following is NOT an economic activity?
- Serving people
- Cooking by mother
- Reading books (correct)
- Worker working in a factory
Which term represents organized efforts by an individual or group of individuals?
Which term represents organized efforts by an individual or group of individuals?
- Business (correct)
- Profession
- Employment
- Economic activity
Which type of activity involves the production, distribution, and consumption of goods and services for money or money's worth?
Which type of activity involves the production, distribution, and consumption of goods and services for money or money's worth?
- Non-economic activity
- Profession
- Business (correct)
- Employment
What are activities that are performed to satisfy personal, social, religious, cultural, and sentimental requirements without monetary expectations?
What are activities that are performed to satisfy personal, social, religious, cultural, and sentimental requirements without monetary expectations?
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What type of activity facilitates earning a livelihood?
What type of activity facilitates earning a livelihood?
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Study Notes
Economic Activities
- Not an economic activity: Non-monetary activities that are performed to satisfy personal, social, religious, cultural, and sentimental requirements.
Entrepreneurship
- Represents organized efforts by an individual or group of individuals.
Economic Activity Types
- Involves the production, distribution, and consumption of goods and services for money or money's worth: Economic activity.
Non-Economic Activities
- Performed to satisfy personal, social, religious, cultural, and sentimental requirements without monetary expectations: Non-economic activities.
Livelihood
- Facilitates earning a livelihood: Economic activity.
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