business
Economic Activities
Done with the aim of earning money
Involves production, distribution, or exchange of goods/services
Helps in livelihood and economic growth
Examples: farming, teaching (job), running a shop, working in an office, factory work
Result: Income (wages, salary, profit)
Non-Economic Activities
Done for personal satisfaction, love, or social duty
Not related to earning money
Helps in emotional, social, and physical well-being
Examples: helping poor people, praying, playing games, gardening, watching TV
Result: Satisfaction, happiness, or fitness (no income)
TYPES OF ECONOMIC ACTIVITIES
1. Business
Involves buying, selling, or producing goods and services
Done regularly with the aim of earning profit
Examples: shops, factories, transport, banking, insurance
2. Profession
Requires special knowledge and training
People provide expert services
Usually need qualification (degree)
Examples: doctor, lawyer, teacher, engineer
3. Employment
A person works for someone else
Gets salary or wages in return
Follows rules of the employer
Examples: office worker, factory worker, clerk, peon
Employment
Employment is an occupation where a person works for another person or organization
The worker gets wages or salary in return
Work is done regularly under fixed terms and conditions
Conditions include: working hours, salary, rules, and facilities
These conditions are usually decided by the employer
The employee joins only after agreeing to these terms
Income is fixed (wage/salary), not profit