Exploring Business and Economic Activities

What are economic activities?

• Actions related to environmental conservation

• Processes of political decision-making

• Activities that involve leisure and entertainment

• Economic activities are actions related to the production, distribution, and consumption of goods and services.

Give two examples of non-economic activities.

• Investing in stocks

• Buying real estate

• Volunteering, participating in a community event

• Starting a business

Define business in your own words.

• A business is a place where people socialize.

• A business is a type of animal.

• A business is an entity that provides goods or services to generate profit.

• A business is a government organization.

What is the primary goal of a business?

• To enhance employee satisfaction.

• To provide excellent customer service.

• To generate profit.

• To expand market share.

Differentiate between a profession and a business.

• A profession requires no formal education, whereas a business does.

• A profession is focused on specialized skills and ethics, while a business is centered on profit and commerce.

• A profession is always a part-time job, while a business is full-time.

• A profession is solely about making money, while a business is about helping others.

What are the characteristics of a profession?

• No formal training required

• Lack of ethical guidelines

• Characteristics of a profession include specialized knowledge, formal education, ethical standards, ongoing development, and recognized authority.

• Casual knowledge and experience

List three types of employment.

• full-time, part-time, freelance

• contract

• internship

• temporary

How does employment differ from self-employment?

• Employment is working for an employer; self-employment is working for oneself.

• Employment is always part-time; self-employment is always full-time.

• Self-employment requires a formal contract; employment does not.

• Employment is only for skilled workers; self-employment is for everyone.

What role do entrepreneurs play in business?

• Entrepreneurs play a crucial role in business by driving innovation, creating jobs, and fostering economic growth.

• Entrepreneurs mainly work to eliminate competition in the market.

• Entrepreneurs are responsible for enforcing government regulations.

• Entrepreneurs primarily focus on personal wealth accumulation.

Explain the concept of trade.

• Trade is the exchange of goods and services between parties.

• Trade refers to the sale of real estate only.

• Trade is the act of donating goods to charity.

• Trade is the process of manufacturing goods.