Q1. What are the types of Economic Activities.
Ans. Types of Economic Activities are:
- Business: It refers to those economic activities which are connected with production, purchase and sale of goods or supply of services with main object of earning profit. People engaged in business earn income form of profit. Example-Farming, Manufacturing, fishing, etc.
- Profession: It includes those activities which require special knowledge and skill to be applied by individuals in their occupation. Such activities are subject to guidelines or code of conduct laid down by professional bodies. Those engaged in profession are known as professionals and earn in form of professional fee. Example- Doctors, lawyers etc.
- Employment: It refers to occupation in which people work for others and get remunerated in return in form of salary or wages. Those who are employed by others are known as employees and people who engage them are known as employers. Example- Managers, clerks, pinons, assistants etc.