Human activities mean all those activities which human beings undertake. Human activities are undertaken to satisfy human wants. These activities continue throughout life because wants are unending, unlimited, and recurring. Some of the human activities (e.g., working in an office or factory or shop) produce direct economic benefits. Other human activities (e.g., praying, playing, sleeping) produce no direct economic benefits. The main characteristics of human activities are as follows:
Human activities are those activities which can be undertaken only by human beings, i.e., men, women, and children. These activities involve human efforts. activities are undertaken to satisfy human wants which are unlimited.
Human activities continue throughout life.Human activities have a very wide range. Human activities are performed both earning money as well as for
obtaining personal satisfaction.
1.2 CLASSIFICATION OF HUMAN ACTIVITIES All human activities may broadly be classified into two categories:
Economic activities and Non-economic activitie
Economic activities are undertaken with the object of earning money and acquiring wealth. These activities result in the production of economic goods and services. Business is an economic activity but it differs from other economic activities such as those of an employee and self-employed persons like doctors, lawyers, chartered accountants, et
Human Activiti
Economic Activiti
Non-Economic Activiti
Non-economic activities are inspired by sentiments and emotions such as love for the family, desire to help the poor, and love for the country. These activities are not undertaken for monetary gain but for one's satisfaction and happines
13 ECONOMIC ACTIVITI
Economic activities refer to all those human activities which are undertaken to earn a living and thereby satisfy human wants. The main object of these activities is to eam income and create wealth. The money earned through work is used to satisfy wants. For example, a teacher teaches in a school or college, a doctor attends to patients in his clinic. and a shopkeeper sells goods to his customers. Economic activities are concerned with the production, distribution, and exchange of goods and services. These activities create utilities and result in the production of wealth. Economic activities are also called occupation
2.3.1 Characteristics of Economic Activities The main characteristics of economic activities are as follow
(i) motive. Economic activities are undertaken to earn money and acquire wealth. The main motive behind these activities is to make an econom
gain. These activities are performed by human beings for earning livelihood. (ii) Productive. Economic activities involve production, distribution, and exchange of goods and services for satisfying human wants. These activities are directly related to creation of wealth. (iii) Economic resources. Economic activities make use of economic resourc
such as land, labour, capital, etc. (iv) use. Economic activities require allocation of scarce resources so as to obtain maximum output from them. These activities involve optim
utilisation of land, labour, capital, and other factors of production. Welfare of society can be maximised when best possible use of resources is made (v) Economic growth. Economic activities determine the level of economic development of a country and the standard of living of its citizens umesics:s.ESs.esesesc.s. of living of its citizens.
(vi) Legally valid. Human activities performed for economic gain are called economic activities only when they are lawful. Unlawful activities such as (vii) Socially desirable. Economic activities are desirable for society. They must be in accordance with the expectations and norms of society.
gambling, blackmarketing, theft, dacoity, smuggling, etc., are opposed to public interest. Therefore, these activities cannot be called economic activities.
1.3.2 Examples of Economic Activities
1. Production of goods by a manufacturer in factory 2. Distribution of goods by a wholesaler to retailers
3. Selling of goods by a retailer to customers. 4. Transportation of goods and passengers by railways/roadways/airlines/ships.
5. Storage of goods by a warehouse keeper.
6. Acceptance of deposits and lending of money by a banker. 7. Insurance of risks by an insurance company.
8. Advertising and publicity of goods by an advertising agency.
9. A clinic run by a doctor.
10. Legal services provided by a lawyer in a court.
11. Audit services provided by a chartered accountant in his office. Working of a Government officer.
13. Services of a teacher in a school/college.. 14. Working of a farmer in his fields to sell his produce.
15. Working of a nurse in a hospital.
ECONOMIC ACTIVITIES AT A GLANCE
Characteristics.
1. Economic motive
3. Rational use
5. Economic growth
7. Socially desirable
Examples.
2. Productive
4. Economic resources
6. Legally valid
(1) Manufacturing goods in a factory.
(i) Selling goods in a shop.
(ii) A doctor treating patients in his clinic. (iv) A lawyer providing legal advice in his own office
(v) A professor teaching in a university
(w) A clerk working in a Government office
4 NON-ECONOMIC ACTIVITIES
Activities which are undertaken to satisfy social, religious, cultural, and sentimental requirements are called non-economic activities. The object of these activities is not to earn monetary gain or reward. People engage in non-economic activities for reasons of love, sympathy, religion, patriotism, etc. For example, a mother looks after her children, student donates blood, an old man goes to temple daily, a rich man donates money to Prime Minister Relief Fund, a young man helps a blind girl to cross the road, etc. It is the object of any activity that distinguishes between economic and non-economic
activities The primary objective of economic activities is to earn livelihood and create wealth. On the other hand, the main objective of non-economic activities is to get some sort of social, cultural, religious or recreational satisfaction. The output of economic activities can be measured in terms of money, eg, the salary of a teacher, the fee of a doctor and the profits of a businessman. But the result of non-economic activities cannot be measured in terms of money.
The same activity may be economic as well as non-economic. For example, a nurse
attending a patient in a hospital is an economic activity as the nurse works for a salary But when the same nurse attends to her sick mother at home it is a non-economic activity because the object is not to eam money. Thus, the of the same person may be economic at one-time or place and non-economic at another time or place. The dividing line is not the activity or the person who is doing it but the objective for which it is undertaken Thus, non-economic activities are undertaken due to the following considerations (0) Love and affection - for example, taking dinner with the family, cooking food
for family.
(i) Personal satisfaction - for example, meditating in a park. (i) Physical needs - for example, morning walk by a person.
(iv) Religious obligation-for example, praying in a temple. (v) Social obligations - for example, helping victims of an accident, flood, or
earthquake.
(1) Patriotism - donating blood for injured army men.
Distinction between Economic and Non-Economic Activities
Point of Distinction
1 Objective
Economic objective: To earn a living and acquire wealth.
2. Expectation
3. Relationship
4. Measurement of
outcome 5. Logic
6 Resources
7 Types or examples
Economic Activities
Money. Income is expected from these activities.
Directly related to income and wealth.
terms of money.
Result can be measured in Guided by rational considera- tions of cost and benefit.
Involve proper allocation and optimum use of resources Business, profession, and
Non-Economic Activities
Sentimental and emotional objectives: To obtain some so of personal satisfaction Money: Income is not expected from these activities Not related to income and wea
Result cannot be measured in
terms of money
Guided by sentiments and em tions without regard to gain or
Optimum allocation and use of
resources not essential Family-oriented, religious
cultural, and National
1.5 TYPES OF ECONOMIC ACTIVITIES Economic activities are also known as 'occupations Economic activities or occupations
may be classified into three broad categories as follows Economic Activities
Business
Profession
Employment
1, Business. Business includes all those economic activities which are concerned with production and exchange of goods or services with the object of earning profits Business is an economic activity because it is undertaken for earning money and producing wealth. All organisations which carry on business, activities are called business enterprises or 'business firms'. Similarly the persons who are engaged in business are known as 'businessmen. Business creates various types of utilities by making goods and services more valuable and useful to consumers. When raw materials are converted into finished products, it creates form utility. Place utility is created by transporting goods from the place of production to the place of consumption. Goods are stored for future use which results in the creation of time utility. A factory, a shop, a transport company, a warehouse. an insurance company, a bank are all examples of business activity. Firms providing direct services, eg, tailor, drycleaner, beauty parlour, etc., are also business enterprises
2. Profession. The terms profession means an occupation which involves application of specialised knowledge and skills to earn a living. The persons who are engaged in profession are called professionals They render personal services of a specialised nature to their clients. The service is based on professional education. training, and experience Professionals receive fee for their services. Chartered
medicine, law, tax consultancy are examples of professions. The main features of a profession are as follows (5) Specialised body of knowledge. Every profession has a specialised and systematised body of knowledge. Members of the profession are required to
learn this knowledge.
(ii) Restricted entry. Entry to a profession is allowed only to those who have completed the prescribed education and have passed the specified examination.
(iii) Formal education and training. A profession provides facilities for formal education and training to those who want to acquire professional qualification One must acquire the prescribed degree (eg, MBBS, CA. LLB, etc.) by undergoing the prescribed training
(iv) Professional association. Every profession has its own association A professional association is a statutory body and its membership is essential The association regulates entry in the profession, grants certificate of practice. formulates and enforces code of conduct.
Names of various professions and their respective associations are given below
Professions
Professional Doctors
Professional Associations
Medical Council of India
I Medical
2. Law
3. Accounting
Lawyers
Chartered
Bar Council of India
The Institute of Chartered Accounts of India (ICAI)
Accountants
4 Company Secretary
The Institute of Company Secretaries of Secretaries India (ICSI)
Company
5 Cost Accounting
Cost Accountants
The Institute of Cost and Works Accountants of India (ICWAI))
The Institutions of Engineers (India)
6. Engineering
Engineers
(v) Service motive. Professionals are expected to emphasise services to their clients rather than economic gain. (12) Code of conduct. The activities of a professional are regulated by a formal code of conduct. The code is prescribed by the professional association
which he is a member.
of
Employment. Employment mean an economic activity, where people work for offiers in for some remuneration. The persons who work for others are called employees. The persons or organisations which engage others to work for them are called employers. The remuneration by an employer to his employee is known as wages or salary. The employee performs the work assigned to him by his employer as per the terms and conditions of employment. There is an oral or written agreement between the employer and the employee. The employee acts under the guidance and control of his employer. The employer may be a Government (department) undertaking or a private firm. Employment thus includes all types of jobs in government offices and private enterprises. When a professionally qualified person works as an employee he is also said to be in employment. For example, a doctor may be employed in a hospital. a chartered accountant may be working as an accountant in a company and a lawyer may serve as a law officer in a bank.
The main features of employment are as follows;
1. In employment, a person works for others called employer. 2. An employee provides personal service.
3. There is a service agreement or contract between the employee and the employer. It contains the terms and conditions of employment.
4. The employee has to obey the order of the employer 5. No capital investment is made by the employee. 6. The employee gets wage or salary for his/her service.
Various examples of employment are as follows: (1) A teacher teaching in a school or college.
(ii) An engineer employed in Municipal Corporation of Delhi. (in) An accountant working in the accounts department of a company (iv) A person working as the plant manager of a factory.
(v) A nurse or doctor working in a hospital.
1.6 DISTINCTION BETWEEN BUSINESS, PROFESSION, AND EMPLOYMENT 1. Mode of establishment. A business enterprise is established when an
entrepreneur takes a decision to carry on some business activity in a profession, on the other hand, the membership or enrollment of a recognised professional association or is essential. In order to take up employment, a person has to enter into
a contract of service 2. Nature of work. A business exists to provide goods and services to satisfy human wants. On the other hand, a professional renders personalised service of a specialised nature to his clients. An employee performe the work assigned by the
employer under the contract of service. 3. Qualifications. No formal education is compulsory in order to carry on a business. But for a profession, specialised knowledge and training are essential. Minimum educational qualifications are prescribed for every profession. In case of employment, the qualifications required depend upon the nature of the job
4. Main objective. In business, the basic motive is to eam profits. A professional.
on the other hand, is expected to emphasise the service motive and sense of mission
That is why, a rigorous code of ethical behaviour is laid down in every profession. In
case of service, the motive of an employee is to earn salary and receive other benefits.
5. Investment. Every business requires capital depending upon the nature and
scale of operations. A professional also has to invest some capital to establish an office
for rendering services. There is no for capital in case of employment 6. Risk. There is an inherent element of risk in business and profession but practically no risk is involved in case of employment There can be loss in business but in profession and employment return is never negative.
7. Reward. Profit is the reward of a businessman while professional fee is the reward of a The reward in case of employment is wage or salary, Wage salary and fee are more regular and fixed than profits.
8. Transfer of interest. It is possible to transfer ownership interest in business
But no such transfer is possible in case of profession and employment. 9. Public advertisement. The success of a business depends upon public advertisements. But professionals are prohibited from giving public advertisements There is no for public advertisements in case of service
In spite of the above differences, there is a closed interrelation between business, profession, service A large business enterprise employs a large number of persons in order to achieve its objectives. It also requires the services of professional experts such as chartered accountants, lawyers, architects. cost accountants, etc. Modern business has become very complex. Trained and experienced managers and other experts are required for efficient business operations Professionals and other employees provide the necessary manpower for efficient running of business concerns. Thus, business. profession, and employment are complementary to one another.
Meaning of human activities. All activities undertaken by human beings Classification of human activities: All human activities may be classified into two broad categories economic and non-economic
Economic activities: These are undertaken to earn money and produce wealth
Non-economic activities: These are undertaken for religious, social, patriotic, and emotional reasons Types of economic activities: These include (1) Business, () Profession, and (ii) Employment
Business: Economic activities concerned with production and exchange of goods and services
with the object of earning profits.
Profession: Economic activities involving rendering personalised services of a specialised nature in exchange of fee. Its features are: (a) specialised body of knowledge (b) restricted entry (e) formal training (d) professional associations (e) service motive () code of conduct Employment: Economic activities wherein people work for others and receive wages and salary for their services as per the terms and conditions of agreement. Even professionally qualified
persons may work as employees,
Distinction between Business, Profession, and Employment
Point of Distinction
1. Objective
2. Minimum qualifications
3 of work
4. Status
Business
To earn profits
No qualifications are essential for starting a business
Production, sale, and exchange of goods and services
A businessman works for himself and is his own master
5. Reward or return
6. Risk and uncertainty
7. Investment of capital
beginning to end Adequate amount of capital is required depending on the size of business
Profession
To render service for economic gains
Employment
To earn wages or salary
Minimum educational qualifications essential to enter a profession Providing specialised service
Qualifications required depend upon the job
Work assigned by the employer
An employee works for his employer and has to follow the instructions of his master boss
A professional works according to the guide- lines prescribed
Profit which is un- certain and variable
High risk from
Professional fee which Wage or salary which is is certain but flexible Risk is negligible There is no risk
regular and fixed
Limited capital is required to set up office
No capital is required.
8 Advertising
Advertisement is
usually necessary
Measurement of efficiency
Profitability of busi- ness is the sole cri-
terion
10 Regulation
Governed by business laws
11. Transfer of ownership
Ownership of busi ness can be transferred
Advertisement is prohibi No advertisement is
ted by the professional body
Quality of service ded to the clients
Governed by the regula tions and guidelines of employment
Transfer is not possible
necessary at all
provi-Productivity and quality of work performed
Governed by the terms and conditions of the profession
Transfer is not possible
Short Answer Type Questions
EXERCISES
1. How would you classify human activities? 2. What do you understand by economic activities?
3. What is meant by non-economic activities? 4. "The same activity may be economic as well as non-economic at different times or places"
Comment. 5. Name the various types of economic activities
6. Define the term 'Business' 7. Define a profession
8. Name three characteristics of professions.
9. State the objective of economic activities 10. Give two differences between economic and non-economic activities
11. What is the main aim of human activities?
12. Give two examples of 'Direct Service"?
13. What is employment?
14. Give two examples of profession.
15. Give five examples of business activities.
Essay Type Questions
1. Distinguish between economic and non-economic activities. 2. What is a profession? Explain the characteristics of a profession
3. Distinguish between business, profession, and employmem
4. "The activities of business, profession, and employment are not competitive but
complementary". Explain.
Q.1. Name the two types of human activities, Ans. Two types of human activities are
th Economic Activities (ii) Non-economic Activities.
What do you understand by economic activities? Ans. Economic activities are undertaken with the object of earning money and acquiring wealth These activmes result in the production of economic goods and services. Business is an conomic activity but it differs from other economic activities such as those of an employee and self-employed persons like doctors, lawyers, chartered accountants, etc
Q3. What is the objective of economic activities?
Ans. The objective of economic activities is to earn money and acquire wealth
Explain the nature of economic activities. Ans. The main characteristics of economic activities are as follows: (a) The motive behind economic activities is to produce goods and services for satisfying human wants
Economic activities involve proper allocation of scarce resources so that maximum
satisfaction can be obtained from them
(i) Economic activities require optimum utilisation of land, labour, capital, and other
factors of production Welfare of society can be maximised when best use of resources is made () Economic activities are undertaken for production of wealth as represented by goods and services. The main motive behind economic activities is to make an economic
gain
() Economic activities involve creation of utilities 05. What is meant by non-economic activities? Ans. Non-economic activities are inspired by sentiments and emotions such as love for the
family, desire to help the poor, and love for the country. These activities are not undertaken
for monetary gain but for one's satisfaction and happiness.
Q.6. The same activity may be economic as well as non-economic at different times or
places". Comment.
Ans. The same activity may be economic as well as non-economic. For example, a attending a patient in a hospital is an economic activity as the nurse works for a salary But when the same nurse attends to her sick mother at home it is a non-economic activity because the object is not to cam money. Thus, the activity of the same person may be economic at one-time or place and non-economic at another time or place. The dividing Ime is not the activity or the person who is doing it but the objective for which it is undertaken
Q7. How will you judge whether a particular activity is economic or non-economic activity? Give example in support of your answer.
Ans. It is the object of any activity that distinguishes between economic and non-economic activities. The primary objective of economic activities is to earn livelihood and create wealth. On the other hand, the main objective of non-economic activities is to get some short of social, cultural, religious, or recreational satisfaction. The output of economic activities can be measured in terms of money, eg, the salary of a teacher, the fee of a doctor, and the profits of a businessman. But the result of non-economic activities cannot be measured in terms of money. For example, a teacher teaching his daughter at home is a non-economic activity but when teaches in a school it is an economic activity
Q.8. Give two differences between economic and non-economic activities.
Ans.
(1) Economic activities are carried out to earn money whereas non-economic are carried out to get personal or social satisfaction (i) Economic activities create wealth but non-economic activities do not create wealth.
Qingh between mic and non-economic activities
Distinction between Economic and Non-Economic Autovitim
P of Distinct
Objective
To earn a living and acquire wealth
To obat some set of faction Returns cannot he measured in
Menurement of Renim can be measured in terms
iel retum
se of romey
3. Logic
Guided by raminal considerations
Coded by sements and ema
of cost and benefit
without regard to gam or sche
4 Resources
Involve proper allocation and oprimum use of resources
Optimum allocation and we of
resources hol essential
Types and
Business, profession, and
Family-oriented religious social
examples
employment
cultural, and national
her
rces
ods
0.10. Name three types of economic activities.
Ans. Three types of economic activities are:
Business
(i) Profession Li) Employment
Q.11. Define the term 'Profession.
Ass. Profession means an occupation which involves rendering of personal
services of an
expert nature.
Q12 Discuss the various types of economic activities.
Ans. See pages 7 and 8.
the
or
ty
Application Type Questions
0.13. Classify the following activities into Business. Profession, and Employment
( Sita operating a nursing home G) Mohan working as an officer in a bank
(in Deepak teaching commerce in a reputed school in Nainital
tovi Rima running a grocery store (v) Naresh Trehan head of Medanta Hospital in Gurgaon
(i) Mukesh Ambani, chairman of Rehance Industries
(vin Chanda Kochar, chairman of ICICI Bank
(ri) MS Dhoni, Captain of the Indian Cricket Team
tox) Sachin Bansal CEO of Flipkart
(e) Chairman of State Bank of India.
Ans: 1. Business (wifi)
2. Profession (0.099
3. Employment: tin: to), tv, in co 0.14 Classify the following into economic and non-economic activities
ti Teaching in a school
Taking photographs of family members.
fun Running a beauty parlor.
they Looking after parents Working as a caretaker in a senior citizens home
(0) Distributing blankets to destitute
on) Rearing cows selling their milk.
Taking care of pet dog at home
(6) Running a brokerage from home (x) Looking after one's terrace garden
Ans. 1. Economic activities: (n. (a), (v), (x)
2. Non-economic activities (in, (iv) (vi), (vi), (x) Q.15. Give example of an activity which can be both economic and non-economic.
Ans, Cooking
Q.16. Why is business considered an economic activity?
Ans. Business is considered an economic activity because its main objective is to earn money. Q.17. Name the economic activities in which following people are involved:
(D) Shyam is working as a manager in a bank.. GO Radha is running a shop to sell
(ii) Deepak is practising law in High Court
Ans Employment
(i) Business (ii) Profession
Q.18. Gurmeet is a government officer. During weekends he teaches slum children free of
charge. In which type of human activity Gurmeet is engaged on weekends!
Ans. Non-economic activity Q.19. Classify the following into economic and non-economic activities:
(i) A housewife washing clothes of her family.
(i) An old lady praying in temple.
(iii) A property dealer brokering a property deal.
(iv) A person working as a manager in a multinational company.
Ans. 1. Economic activity(), ()
2. Non-economic activity: (i), (2)
Q.20. Rita is teaching in a public school whereas Ram teaches poor children free of charge. Who is engaged in economic activity and who is not? Ans. Rita is engaged in economic activity whereas Ram is engaged in non-economic activity
Q.21. Name the economic activity which involves expert knowledge and requires membership of a statutory body.
Ans. Profession
Name the economic activity which involves risk and is carried on to earn profit.
Ans. Business. Q.23. Name the economic activity which involves working under a supervision.
Ans. Employment
MULTIPLE CHOICE QUESTIONS
Which type of economic activity does not require any formal qualification
thy Profession
tal Business ( None of these The occupation in which people work for others and get remunerated in return s
Employment
known as
(h) Employment
(a) Business ich Profession
(d) None of these
Which of the following economic activities requires a code of conduct? None of these
a) Business (c) Employment
16) Profession
Which of the following is not a business activity? (a) Buying and selling of a house by a property dealer
(b) and selling of car by a car dealer Selling an old house to buy a new house for yourself
None of the above
ASSERTION-REASON QUESTIONS
la the questions given below, there are two statements marked Assertion (A) and Reason (R. Read the statements and choose the correct option:
of Assertion (A)
(a) Both Assertion (A) and Reason (R) are True and Reason (R) is the correct explanation thi Both Assertion (A) and Reason (R) are True and Reason (R) is not the correct
explanation of Assertion (A) (c) Assertion (A) is True but Reason (R) is False
(d) Assertion (A) is False but Reason (R) is True.
3. Assertion (A: A person repairs motorcycles on roadside He is involved in economic activity
Reason (R): Profit is the return of risk-taking in business as an economic activity 6. Assertion (A): Aarushi cooks food at home for her family hut Kshiti, cooks food and sells it to others in a restaurant Kshitij is engaged in business activity
Reason (R): Sale and exchange is important in business activities. Activities done out of sympathy, love and affection or for any charitable purpose do not fall under the category of business
CASE/PARAGRAPH BASED QUESTIONS
7. Ramesh is a farmer. His elder brother Suresh is an advocate while his sister Shobha is a clerk in a government office
(o) Name the economic activities in which they are engaged
(21
(b) Define the types of economic activities
(e) Distinguish among the identified economic activites on the basis of
() Mode of establishment
(4) Risk
(i) Qualification
Naksh and Daksh are red friends Naksh changes fees from his clients by rendering hi personalised expert services. Daksh cams profit by providing his transport facilities to the public While Naksh follows the code of conduct at the time of dealing with his chem Daksh also tries to maximuse his profits by being polite with lus customers, fulfilling hi
promises and beug sensitive towards the needs of his customers a) Name the type of economic activities that Naksh and Daksh are engaged
(
Give any two reasons with examples of undertaking non-economic activities huma
(e) Differentiate both types of economic activities on the basis of "Capital Investment and "Ris
1
1
Name any three characteristics of economic activitie
FILL IN THE BLAN
9. Economic activities include Business + Profession + 10. The occupation in which there is no need of capital is known
Economic Activity Retu
(b) Professi
(a) Busines
(e) Employme
122 13 is an economic activity directed towards producing or acquiring wealth through buying and selling of goods activities are undertaken to satisfy social and psychological need
TRUE OR FAL
14. Social Service is not an economic activit
15 Chartered Accountancy is a Professi
16. A boy helping an old woman to cross the road is an economic activit
1. Profession, as an economic allows transferability of intere
ONE WORD/SENTENCE ANSWE
18. Harsh is a well-known orthopaedic doctor in Agra: He runs his private clinic under the name "Joim and Bone Clinic Identify the type of economic activity that Harsh is i
19. A bousewife sells old newspapers every month. Is it an Economic or Non-Economic Activi
20. Which type of economic activity is a farmer involved in? 21. Which type of economic activity is a doctor running his own clinic involved
22. Which type of economic activity is a hawker selling toys for children mvolved in 23. Which type of human activity is a woman growing vegetables in her kitchen garden involved i
24. Gurpreet is a Chartered Accountant, working as Finance Manager in National Heavy Chemicals Ltd What type of economic activity is she involved in? n?intyn.RSsty.ony.SEs.nts:onrnasKSs.312)k"ns2)byind What type of economic activity is she involved in?
ANSWERS
2. (b)
4. (c)
(a) Profession and Employment
th) Definition of Business, Profession and Employment (c) Distinction between Profession and Employment
8( Naksh Profession, Daksh Business
(b) Love and affection, for example, cooking for family, Patriotism, for example, casting
vote
(c) Capital Investment Business (large as required according to nature and size). Profession (not much as required to open the office) Risk: Business (high risk), Profession (less risk of losing chents due to loss in
reputation) (ch Any three characteristics of economic activities
9. Employment
10. Employment
11. (a) Profit
(b) Fee (c) Wages/Salary
12 Business 13. Non-Economic
14. True
18. Profession
15. True
16. False
17. False
21. Profession
24. Employment
22. Business
20. Business
23. Non-Economic Activity.
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