Question

Which of the following statements is/are correct?

1. Economic activities are undertaken with the purpose of earning money and acquiring wealth.
2. Profession is an occupation involving rendering of expert services for a fee.
3. Economic activities involve production and distribution of goods and services.
4. Employment does not mean working under an employer for wage or salary.

Options

• Only (i) is correct.

• Only (i), (ii) are correct.

• (i), (ii) and (iii) are correct.

• None of these

Answer 1

(i), (ii) and (iii) are correct.

Explanation:

Economic activities are those carried out with the intention of earning money or wealth, which aligns with the statement (i). Statement (ii) is correct because a profession involves providing specialized services for a fee, such as doctors or lawyers. Similarly, statement (iii) is correct since economic activities encompass the production and distribution of goods and services to meet human needs. However, statement (iv) is false because employment typically means working under an employer for wages or salary, so it’s not an exception.