"Economic and non-economic activities don't substitute, but complementary to each other."Do you agree? Explain.
Yes, we agree. Economic activities are undertaken with an economic motive, i.e., to earn money, but non-economic activities are undertaken without any economic purpose. For example, when our parents go to office or workplace, it is an economic activity, but when a mother cooks food for their children, we do some donations, we get pocket money, we take a bath, and these are non economic activities. But these activities cannot take place unless and until we have money to support them.
No one can work without getting a sound sleep, while sleeping is a non-economic activity. Similarly, bathing is a non-economic activity, but it is compulsory to be healthy. Without being healthy getting involved in economic activity is not possible. Therefore, economic and non-economic activities don't substitute, but complementary to each other.
Can profits be the sole objective of a business? Justify your answer by giving suitable reasons.
"No business is risk free."Do you agree? Justify your answer, mentioning the nature and causes of business risk.
If you need , to start doing an economic activity to earn livelihood for your family, which one would you like and why?
What are the hindrances in the commerce? Which agencies are used to remove these hindrances?
"Risk is the element which makes the business different from other economic activities."Do you agree? Justify your answer.
"Economic and non-economic activities don't substitute, but complementary to each other."Do you agree? Explain.
"Earning of profits is the main objective of a business and other objectives are there to aid it only."Do you agree? Justify your answer.