18234193
Description
Flashcards by Bhavye Kakkad, updated more than 1 year ago
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Created by Bhavye Kakkad
over 5 years ago
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| Question | Answer |
| 3 Types Of Occupation | a) Business b) Profession c) Employment |
| Profession | It is an occupation involving rendering of expert services for a fee. Doctors, lawyers, chartered accountants, architects, Engineers are professionals. |
| Characteristics of economic activities | 1) Economic activities we undertake to earn money income. 2) These activities help to create wealth. 3) These activities satisfy basic human needs such as food, clothing, shelter. 4) These activities serve as the basis for economic development. |
| Examples of Economic activities | 1) An industrialist running a factory. 2) a shopkeeper selling goods. 3) A cinema house selling entertainment. 4) A doctor treating patient for fees. 5) A clerk working in an office. |
| Types of Non Economic Activities | a) Parental b) Religious c) Social d) patriotic |
| Non Economic Activities | They are undertaken not for earning money but for personal satisfaction. These activities involve social, religious, patriotic and other non financial motives. |
| Characteristics of non economic activities | 1) Non economic activities are not undertaken to earn money income. 2) These activities do not create wealth but improve human well being. 3) These activities satisfy higher order human needs such as affiliation, ego and self actualisation. 4) These activities provide a sense of social and psychological satisfaction. |
| Characteristics of Business | 1) Sale, Transfer or Exchange 2) Dealings in Goods and services 3) Regular Dealings 4) Profit Motive 5) Creation of utilities 6) Element of Risk 7) Business is an Economic Activity |
| Branches Of Business | 1) Industry 2) Commerce |
| Industry | It includes all those business activities which involve extracting, multiplying, growing, processing, assembling and constructing useful products. The goods maybe consumer goods, eg. bread, butter, shoes, Radio, etc.. or capital goods. It involves the use of men, machines, materials and money for production of goods. In a broad sense, the term 'industry' is also used to refer to a group of firms producing similar or related goods. For example , sugar industry refers to all manufacturing units producing sugar. |
| Industrial enterprises | The business enterprise which undertake industrial activities are known as industrial enterprises. |
| Industrialists | People who own and control industries are called industrialists. |
| Types of Industries | - Primary Industry ( Extractive and Genetic industries) - Secondary Industry ( Manufacturing and Construction industries) - Tertiary Industry |
| Primary Industries | Industries which are concerned with extraction and multiplication of natural resources are known as primary industries. |
| Secondary Industries | The industries which are concerned with the transformation of the material provided by primary industries are known as secondary industries. |
| Tertiary industry |
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