Question

Mr.Ronald owns a shoe store. He has 50 employees working for him. He buys the leather from suppliers, gets them stitched and designed from outside, and sells them at his store. The customers were happy with the quality of shoes they purchased and visited the store frequently.

What are the characteristics that can be seen from the above passage?

• A. 1. An economic activity 2. Uncertainty of returns
• B. 1. Production or procurement of goods and services 2. An economic activity
• C. 1. An economic activity 2. Production or procurement of goods and services 3. Sale or exchange of goods and services for the satisfaction of human needs
• D. 1. An economic activity 2. Sale or exchange of goods and services for the satisfaction of human needs

Answer 1

The correct option is C

1. An economic activity

2. Production or procurement of goods and services

3. Sale or exchange of goods and services for the satisfaction of human needs

From the above passage, the following business activities can be seen:
1. An economic activity

2. Production or procurement of goods and services

3. Sale or exchange of goods and services for the satisfaction of human needs