Commercial and Non-Commercial Activities — Flashcards

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Human activities are all the activities undertaken by human beings throughout the day and life. They are done to satisfy human wants, which are unending, unlimited, and recurring. Examples include wor…

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Human activities are broadly classified into two groups: economic or commercial activities, and non-economic or non-commercial activities. Economic activities are done to earn a living and create weal…

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Economic or commercial activities are human activities undertaken to earn a living and thereby satisfy human wants. Their main object is to earn income and create wealth. They are also called occupati…

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Non-economic or non-commercial activities are activities undertaken to satisfy social, religious, cultural, and sentimental requirements. They are not done for monetary gain, but for love, sympathy, p…

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The object of an activity decides whether it is economic or non-economic. The same activity can be economic in one situation and non-economic in another. Example: a nurse attending a patient in a hosp…

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Economic activities are done to earn income and create wealth, while non-economic activities are done for satisfaction and feelings. Economic activities can be measured in money, but non-economic acti…

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Economic activities must be lawful and socially desirable. Unlawful activities such as gambling, blackmarketing, theft, dacoity, and smuggling are not economic activities because they are against publ…

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Business includes all economic activities concerned with production and exchange of goods and services with the object of earning profits. A business firm or business enterprise carries on business, a…