CBSE Class 11-commerce Answered
Write four characteristics types of economic activities
Asked by Abhigoyal982 | 05 May, 2019, 11:08: AM
Expert Answer
Activities done with a motive to earn profit are called economic activities. These activites are classified into three categories,namely, business, profession and employment.
- Business: Business refers to those activities which involve production, purchase, sale or supply of goods or services wherein the main purpose of carrying out these activities is to earn profit. Example: Factory, malls etc.
- Profession: Profession refers to an occupation wherein individuals with specialised knowledge and qualification provide personalised and expert services to the people to earn a living (by charging professional fees for their services). Example: Medical practitioner, practising chartered accountant etc.
- Employment: Employment refers to an activity in which individuals hired by organisations work regularly and in return receive remuneration (salary or wages) for the services provided by them. Example: Jobs in multinational companies, banks etc.
Answered by charmi | 06 May, 2019, 10:34: AM
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