Economic Activity Definition
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Question (English)
Economic activities are ones that are undertaken for:
- Social recognition
- Monetary gain ✓ Correct
- Religious purpose
- Entertainment only
Explanation:
Correct Answer Explanation
Economic activities are ones that are undertaken for a monetary gain. This is what economists mean by ordinary business of life.
Key Points:
- Being gainfully employed in an economic activity means earning money.
- Examples: buying, selling, producing, working for wages.
- All roles — consumer, seller, producer, employee, employer — involve economic activities.
Why Other Options Are Wrong
- A, C, D: Economic activities are specifically for monetary gain, not social, religious, or entertainment purposes.
📚 About this Topic — CH-1: Introduction
This multiple choice question is from CH-1: Introduction, NCERT Books, Statistics for Economics. It has 4 options with a detailed explanation of the correct answer. Practice more MCQs from CH-1: Introduction to strengthen your preparation.
