5 Questions
What are economic activities?
Economic activities are those performed by human beings for earning a livelihood, including business, employment, and the practice of a profession.
Define business and its characteristics.
Business refers to economic activities in which goods are produced or purchased for sale to satisfy the needs of others in order to earn profit. It requires initial capital investment and involves high risk.
Distinguish between employment and profession.
Employment involves working for others and receiving remuneration in exchange, while a profession requires special skills and knowledge in a particular field, often obtained through training.
Explain non-economic activities and provide examples.
Non-economic activities are those performed by human beings due to reasons other than earning money, such as sympathy, love, affection, social obligation, and patriotism. Examples include housewives cooking for the family, children going to school, and social workers working for the uplift of the poor.
What are the characteristics of non-economic activities?
Participants in non-economic activities do not receive any direct economic benefit from their involvement, as the activities are driven by non-monetary motivations.
Test your knowledge of the organization and evolution of IT businesses with this quiz. Explore the nature of business human activity and economic activities, and understand the different activities performed by human beings for livelihood.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
