L1 - Nature and scope of business Flashcards
Activities which human beings undertake are known as _______ activities.
Human
Name the two types of human activities
(i) Economic activities and (ii) Non-economic activities
explain economic activities
Activities which are performed with the objective of earning money are known as economic activities. For example, farmers grow crops to sell them, a factory or office employees work and get wages or salaries, a business person earns profit through buying and selling of goods or services
explain non economic activities
Activities which are not performed to earn money but to get some satisfaction are called non-economic activities. These activities are performed to discharge social obligation or for physical fitness or for recreation etc. Ex - People visiting places of worship, providing relief to the victims of flood and earthquake, engaging in sports activities, gardening, listening to radio or watching television
true or false
ii. A mother stitching clothes for her children is engaged in an economic activity.
iii. A tailor stitching clothes for his customers is engaged in an economic activity.
iv. Distributing food to beggars outside the temple is a non- economic activity.
v. Sachin Tendulkar playing cricket for the country is performing a non-economic activity.
State which of the following activities are economic and which are non-economic :-
i. Playing football with friends.
ii. Teaching in a school.
iii. Attending to one’s relative who is unwell.
iv. Listening a radio.
v. Selling fruits and vegetables in the local market.
vi. Preparing food at home for family members.
vii. Working in an office.
What are the three types of occupations
business, profession, employment
define business
Business can be defined as “an activity involving regular production or purchase of goods and services for sale, transfer and exchange with an object of earning profit”.
What is meant by an occupation?
An occupation is where people engage themselves in economic activities on a regular basis to earn their livelihood.
Explain any three characteristics of employment.
