Question

State whether the following statements are True or False:
(a) Taking photographs of mountains as a hobby is an economic activity.
(b) Teaching in a school is a non-economic activity.
(c) Service or employment is an economic activity.
(d) Business involves buying and selling of goods and services.
(e) Running a hair-cutting saloon is a business.
(f) Occupations of doctors, lawyers and chartered accountants are called professions.
(g) Economic activities are undertaken for earning a living

Answer 1

(a) False. An economic activity is done for some profit motive.

(b) False. It is an economic activity as it is measure in monetary terms.

(c) True

(d) True

(e) True

(f) True

(g) True