Economic and Non-Economic Activities Quiz

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9 Questions

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.

What is the key difference between economic and non-economic activities based on purpose?

Economic activities aim to generate income, while non-economic activities do not.

What defines a profession?

Professions are characterized by a high level of expertise and adherence to a code of ethics.

Explain any two characteristics of ______


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


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


Define the term 'occupation'.

An occupation refers to a person's regular work or profession.

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

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.

Describe the main characteristics of business.

Business involves the production or exchange of goods or services for profit. It is carried out regularly and systematically.

Test your knowledge on economic and non-economic activities, occupations, employment, professions, business, and vocations. Understand the differences between economic and non-economic activities, as well as the characteristics of employment and profession.

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