Question 6

State the different types of economic activities.

Answer

Different types of economic activities are:

Business: Business is an human activity directed towards the acquisition of wealth through the production and exchange of goods and services. Business is an institution organised and operated to provide goods and services to society under the incentive of private gain.
Profession: Profession is an occupation involving the provision of personal services of a specialised and expert nature. Example: Lawyer, doctor. Minimum educational qualification is required to practice a profession.
Employment: It involves working under a contract of employment for or under someone known as the employer in return for wages or salary.

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