Business Makers

Economic activities or occupations are of three types
Business refers to the economic activities which are directed towards producing or acquiring wealth through buying and selling of goods and services. Business is carried on by people to earn an income. Generation of income or wealth involves production sale and exchange of commodities which human beings want. In other words business is sale and exchange of commodities which human beings want. In other words business is concerned with that part of production which is actually exchange and results in mutual benefit to both the buyer and the seller. Manufacturing mining trading transportation banking insurance and others are examples of business activities.

An activity which requires special knowledge and skill and which is under taken to earn a living within a prescribed code of conduct is called profession. The services of lawyers chartered accountants doctors are considered as professions. Person’s who render these services are known as professionals. Members of a profession have their own professional association which exercises statutory control over their activities. Professionals are required to bane embalmers of the statutory control over their activities. Professionals are required to be members’ statutory association.

People who work for others and receive wages or salary in return are said to be in employment. They are know as employees and the persons for whom they work are called employers. There is a relationship of master and servant here. Workers employed in factories offices banks government departments etc. are in employment. They work as managers officers clerks peons sweepers and in various other capacities.

Economic activities refer to the activities undertaken to earn money or an income. These acuities are concerned with the production and distribution of snoods and services for satisfying human wanes. Economic activities seek to achieve the greatest possible result with the least possible use of means or resources. Economic activities include practicing or professions like possible use of means or resources. Economic activities include practicing of professions like medical, law, and teaching. Nosiness and various forms or employment. The aims of economic activities are as under:

1. To Earn Money or Create wealth: The main purpose of economic activities is to earn an income or an economic reward. People undertake economic activities in order to satisfy their economic needs.

2. To Provide Exchangeable goods and services: Another purpose of economic activities is to produce and exchange goods and services in order to satisfy human wants. Land, labor, capital organization and other factors of production are required for production of goods and services.

3. To Maximize Returns: The purpose behind all economic activities is to provide goods and services to the consumers. For this purpose, goods and services are exchanged through the medium of a market. A large number of people are engaged in the processes of production. Transportation ad warehousing facilitates the exchange of gods and services.

4. To Maximize Returns: The next purpose of economic activities is to achieve maximum return with maximum efforts. Economic activities are undertaken to secure the desired results with the least possible resources.

5. To distribute Income and Wealth: The last purpose of economic activities is distribution of income and wealth in the society. Income earned through production of goods and writes is divided among various factors of production. For example, the labor is paid wages, interest or dividend is paid on the capital invested, rent is paid for the land, a portion of the income goes to the entrepreneur, etc. In this way every factor of production gets a reward.

Economic activities mean all those human activities which are undertaken to earn a living these activities are directly or indirectly helpful for the satisfaction of human wants. The motive behind economic activities is economic gain. For example, a clerk works in an office, an advocate works in the court and a shopkeeper works in his shop. The rationale of economic activities is to satisfy human wants by providing goods and services. Economic activities may be carried on a small scale or on a large scale. In small scale economic activities, an individual is involved whereas in large scale economic activities, a group of persons are involved.

Non-economic activities refer to the human activities which are undertaken to meet personal. Social or religious obligations. These activities are inspired by love, patriotism, religion, etc. For example, a mother cooking food for hers family, a child flying kite in the air, a social worker helping visually challenged people in crossing the road are examples of non-economic activities. The motive behind these activities is not monetary gain. Non-economic activities do not result in economic gain.

Business: It means activities involving buying and selling of goods and services for the purpose of earning profits and acquiring wealth. Business activities are concerned with the production, purchase and sale of goods and services with the object of earning profits. Nosiness activities include joining. Manufacturing, trade, transportation, banking, insurance and others.

Profession: Profession means an occupation which involves the rendering of personal services of an expert nature in return for fees. For example, doctors are engaged in the medical profession, lawyers in the legal profession, and engineers in the engineering profession and chartered accountants in the accountancy profession. Theory is called professionals.

Employment: Employment means hiring f a person another for remuneration. An employee words under the direction and control of his employer and gets wages or a salary for his work. There exists a relationship of master and servant between the two parties. During he specified hours the employee works for his employer only and for nobody else.

Economic activities or occupations are of three types:

Business: Business refers to the economic activities which are directed towards producing or acquiring wealth through buying and selling of goods and services. Business is carried on by people to earn an income. Generation of income or wealth involves production, sale and exchange of commodities which human beings want. In other words, business is sale and exchange of commodities which human beings want. In other words, business is concerned with that part of production which is actually exchange and results in mutual benefit to both the buyer and the seller. Manufacturing, mining, trading, transportation, banking, insurance and others are examples of business activities.

Profession: An activity which requires special knowledge and skill and which is under taken to earn a living within a prescribed code of conduct is called profession. The services of lawyers, chartered accountants, doctors are considered as professions. Person’s who render these services are known as professionals. Members of a profession have their own professional association which exercises statutory control over their activities. Professionals are required to bane embalmers of the statutory control over their activities. Professionals are required to be members’ statutory association.

Employment: People who work for others and receive wages or salary in return are said to be in employment. They are know as employees and the persons for whom they work are called employers. There is a relationship of master and servant here. Workers employed in factories, offices, banks, government departments, etc. are in employment. They work as managers, officers, clerks, peons, sweepers, and in various other capacities.