Economic activities may be classified into business, ___________ and employment
Profession
Correct Answeroccupation
Incorrect Answervocation
Incorrect AnswerExplanation:
- 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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