Multiple Choice Questions on Economic activities may be classified into business and employment ........ for SEBI Grade A ( Officer) Exam Preparation

Determination of output and employment

Economics- Phase (I & II)

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Indian Economy - Understanding the basics of Indian economic system

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    Economic activities may be classified into business, ___________ and employment

    Profession

    Correct Answer

    occupation

    Incorrect Answer

    vocation

    Incorrect Answer

    work

    Incorrect Answer
    Explanation:

    - Economic activities are usually divided into three main categories: business, profession, and employment.

    - Business involves activities aimed at earning profits through buying, selling, producing, or providing goods/services.

    - A profession refers to specialized occupations that require advanced education or training, like lawyers or doctors.

    - Employment means working for someone else and earning a salary or wage.

    - Occupation is a broader term and refers to any activity a person engages in to earn a livelihood. It includes business, profession, and employment.

    - Vocation often means a strong feeling of suitability for a particular career or occupation, but it's not a specific category of economic activity.

    - Work is a general concept, not a specific classification.

    The correct answer is:

    Option:2, occupation


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