Economic activities may be classified into business, ___________ and employmenta)Professionb)Vocationc)Occupationd)WorkCorrect answer is option 'A'. Can you explain this answer?

Question

Answer

Option 'A' is the correct answer..

This is the fact.....

Answer

Correct answer is (A)...

Answer

Profession
it require a special knowledge and skill to be applied by an individual in his work to earn a living

Answer

Because profession includes production sales and exchange of goods and services for earning money and satisfying human need in the society.

Answer

The current answer is' profession ' .
because as we know economic activity are those activity which are done with the motive to earn profit.
similarly profession is also done with the motive to earn profit . example : Doctor, teacher , engineer and etc .

Answer

Profession

Answer

Classification of Economic Activities

Economic activities refer to the various actions and processes that individuals and organizations undertake to produce, distribute, and consume goods and services. These activities can be classified into different categories based on their nature and purpose. One common classification includes business, profession, and employment.

Business
Business refers to the activities involved in producing, buying, and selling goods or services with the aim of making a profit. It involves the organization and management of resources, such as capital, labor, and materials, to create value and generate revenue. Business activities can be further divided into different sectors, such as manufacturing, retail, finance, and hospitality.

Profession
Profession refers to a specialized occupation that requires specific knowledge, skills, and expertise in a particular field. Professionals typically undergo extensive education, training, and certification to practice their respective professions. Examples of professions include doctors, lawyers, engineers, and accountants. Professionals often provide specialized services and are guided by codes of ethics and professional standards.

Employment
Employment refers to the act of engaging in work or being employed by an organization in exchange for wages or salary. It involves providing labor or services to an employer in return for financial compensation. Employment can be in various sectors, such as public or private, and can involve different levels of skills and qualifications. Employees are typically subject to the rules and regulations of their employers and may have specific job responsibilities and contractual obligations.

Comparison
While business, profession, and employment are all economic activities, they differ in several aspects:

- Purpose: The primary purpose of business is to make a profit by producing and selling goods or services. Professions, on the other hand, focus on providing specialized services in a particular field, while employment involves providing labor or services in exchange for wages or salary.

- Education and Training: Business activities may not necessarily require formal education or training, although certain skills and knowledge are essential for success. Professions, however, usually require extensive education, training, and certification to practice legally. Employment can vary in terms of educational requirements, depending on the nature of the job.

- Autonomy and Control: Business owners have more autonomy and control over their operations and decision-making. Professionals, although they may have some level of autonomy, are often subject to professional regulations and standards. Employees, on the other hand, have less control over their work and are usually bound by the rules and policies of their employers.

In summary, economic activities can be classified into business, profession, and employment based on their purpose, education requirements, and level of control. Each category has its own characteristics and roles in the economy, contributing to the overall production and consumption of goods and services.

Answer

Answer is 'A'

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