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Questions and Answers
Which one of these is an example of a non-economic activity?
Which one of these is an example of a non-economic activity?
- Buying groceries
- Working at a job
- Eating at a restaurant
- Preparing meals at home (correct)
Which one of these is an example of an economic activity?
Which one of these is an example of an economic activity?
- Attending a yoga class
- Volunteering at a charity
- Running a business (correct)
- Reading a book
Which one of these is a business objective?
Which one of these is a business objective?
- Promoting social justice
- Maximizing profit (correct)
- Improving personal skills
- Helping others
Which one of these is a role of profit in business?
Which one of these is a role of profit in business?
Which one of these is an example of an industry?
Which one of these is an example of an industry?
Which one of these is an example of a non-economic activity?
Which one of these is an example of a non-economic activity?
Which one of these is an example of a profession?
Which one of these is an example of a profession?
Which one of these is an example of employment?
Which one of these is an example of employment?
Which one of these is a classification of business activities?
Which one of these is a classification of business activities?
Which one of these is the role of profit in business?
Which one of these is the role of profit in business?
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Study Notes
Non-Economic and Economic Activities
- Non-economic activities include actions that do not involve the exchange of money or goods, such as volunteering or leisure activities.
- Economic activities entail transactions that produce goods or services for profit, like manufacturing or retail.
Business Objectives
- Business objectives refer to specific goals that a company aims to achieve, such as increasing market share or maximizing profit.
Roles of Profit in Business
- Profit acts as a motivator for businesses, incentivizing them to operate efficiently and innovate.
- It serves as a measure of success, indicating the financial health of an organization.
- Profit is crucial for reinvestment in the business or for distribution to shareholders.
Industries
- An industry consists of a group of businesses that produce similar goods or services, such as the automotive or technology industry.
Professions and Employment
- Professions are occupations that require specialized education and training, such as medicine or law.
- Employment refers to the state of having a job or working for pay, which can be full-time or part-time.
Classification of Business Activities
- Business activities can be classified into primary (extraction of raw materials), secondary (manufacturing), and tertiary (services) sectors.
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