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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?
Which one of these is an example of an economic activity?
Which one of these is an example of an economic activity?
Which one of these is a business objective?
Which one of these is a business objective?
Which one of these is a role of profit in business?
Which one of these is a role of profit in business?
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Which one of these is an example of an industry?
Which one of these is an example of an industry?
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Which one of these is an example of a non-economic activity?
Which one of these is an example of a non-economic activity?
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Which one of these is an example of a profession?
Which one of these is an example of a profession?
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Which one of these is an example of employment?
Which one of these is an example of employment?
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Which one of these is a classification of business activities?
Which one of these is a classification of business activities?
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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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Description
Test your knowledge on the introduction of commerce and business, including non-economic and economic activities, business objectives, the role of profit, and the classification of business activities. Distinguish between various concepts and gain a deeper understanding of the topic.
