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1.Define economic nd non economic activities? …

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1.Define economic nd non economic activities? 2.difference b/w business nd profession?

Posted by Monika Popli 4 years, 2 months ago

CBSE > Class 11 > Business Studies

1 answers

Yogita Ingle 4 years, 2 months ago

Economic activity is an activity of providing, making, buying or selling commodities or services by people to satisfy day-to-day needs of life. Any activity that includes manufacturing, distributing or utilising products or services.

Non-economic activity is an activity performed with the purpose of rendering services to others without any consideration to financial gain. Those activities which are initiated for personal content or to meet human sentiments are non-economic activities.

<th>BASIS FOR COMPARISON</th> <th>BUSINESS</th> <th>PROFESSION</th>

Meaning	Business is an economic activity concerned with the production or purchase and sale of merchandise and rendering of services with the purpose of earning profit.	Profession is a form of economic activities, wherein special skills, knowledge and expertise is required to be applied by the person, in his occupation.
Basic objective	Earning profit	Rendering services
Establishment	On the decision of entrepreneur and fulfillment of legal formalities.	Membership of the respective professional body and certificate of practice.
Qualification	No minimum qualification.	Specialized knowledge of study is required.
Capital	Required as per the size and nature of business.	Limited capital is required.
Reward	Profit	Professional fee

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