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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 5 years, 2 months ago

    CBSE > Class 11 > Business Studies
    • 1 answers

    Yogita Ingle 5 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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