Question

Name the economic activities in which following people arc involved.
(i) Bhuvan, who is practising as chartered accountant
(ii) Piyush running a shop to sell autospare parts
(iii) Rishab working as manager in a bank.

Answer 1

(i) Profession - Occupation, practice, or vocation requiring mastery of a complex set of knowledge and skills through formal education and/or practical experience. Every organized profession (accounting, law, medicine, etc.) is governed by its respective professional body.

(ii) Business - The term business is derived from the word ‘busy’. Thus, business means being busy. However, in a specific sense, business refers to any occupation in which people regularly engage in an activity with a view to earning profit. The activity may consist of production or purchase of goods for sale, or exchange of goods or supply of services to satisfy the needs of other people.

(iii) Employment - Employment is not a simple term denoting the mere holding of a job for which a wage is paid, or the operating of one’s own busi­ness. Rather, it signifies the state of anyone who is doing what, under the circumstances, he most wants to do. Such a person is fully employed.