Chapter – 1Evolution & Fundamentals of Business
Earlier, the exchange used to take place with the help of the barter system.
Barter system means giving an item in exchange for another item.This exchange was conducted with the help of
goods and barter system.
Human Activities
Human activities are a very essential (important) part of human life as they help to satisfy human wants.
Types of Human Activities
1. Economic Activities
2. Non-Economic Activities
Economic Activities
These activities refer to those which are undertaken to earn livelihood.
Example: Working in a factory or selling of goods, etc.
Non-Economic Activities
These refer to those which are undertaken to satisfy social, psychological and emotional needs.
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Factors of Economic Activities
• Business
• Profession
• Employment
Business
It refers to those activities which are conducted with the production, purchase and sale of goods or services, with
the main objective of earning profit.
Example: Trade, commerce, etc.
Profession
These activities require specific knowledge and skills to be applied or used by a person in their own occupation to
earn fees.
Example: Doctor, teacher, lawyer, chef, etc.
Earlier, the exchange used to take place with the help of the barter system.
Barter system means giving an item in exchange for another item.This exchange was conducted with the help of
goods and barter system.
Human Activities
Human activities are a very essential (important) part of human life as they help to satisfy human wants.
Types of Human Activities
1. Economic Activities
2. Non-Economic Activities
Economic Activities
These activities refer to those which are undertaken to earn livelihood.
Example: Working in a factory or selling of goods, etc.
Non-Economic Activities
These refer to those which are undertaken to satisfy social, psychological and emotional needs.
, Page 2
Factors of Economic Activities
• Business
• Profession
• Employment
Business
It refers to those activities which are conducted with the production, purchase and sale of goods or services, with
the main objective of earning profit.
Example: Trade, commerce, etc.
Profession
These activities require specific knowledge and skills to be applied or used by a person in their own occupation to
earn fees.
Example: Doctor, teacher, lawyer, chef, etc.
