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Economic Activities

Name and give...

Question

Name and give example of the following :-
a. The economic activity having a risk element and carried on to earn profit
b. The economic activities concerned with extraction, production, processing or fabrication of products.
c. The trade in which goods are imported and exported to some other country.
d. The branch of commerce which removes the hindrance of time
e. The industries which involve breeding or reproduction of plants and animals.

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Solution

Dear student,

a) The economic activity that has a risk element and that is carried to earn profit is business.

b) The economic activities concerned with extraction, production, processing or fabrication of products is industry.

c) Trade in which goods are imported and exported to some other country is external trade.

d) The branch which removes hindrance of time is insurance.

e) The industry which involves breeding and reproduction of goods is of plants and animals is genetic industries.

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