Explain the following terms/concepts.

1) Business
1. Business is one of the economic activities.
2. Business is done to earn a profit.
3. It is done by individuals organisations.
4. The business includes all those activities done for production, processing, and distribution of goods.
5. The business has a risk involved.

2) Profession
1. Profession is a part of economic activity.
2. A person who practices a profession is called a professional.
3. A professional has to acquire particular knowledge under the formal education system.
4. He practices and obtains skills in his profession. E.g. Doctors, Lawyers, Chartered Accountants, Architects, etc.
5. A professional gets fees for his services. 

3) Employment
1. Employment is an economic activity.
2. A person works for others to earn his livelihood.
3. A person who works is called an employee and a person who offers work is an employer.
4. The employee gets remuneration after a certain period which 1s called salary or wages.

4) Home Trade
1. Trade means buying and selling of goods and services.
2. Trade conducted within the boundaries of the country i. e. buying and selling of goods and services within the country is called home trade or internal trade.
3. Home trade is divided into two parts; Wholesale trade and retail trade.

5) Foreign Trade
1. Buying and selling of goods and services is called trade.
2. Trade can be conducted within the country or with other countries.
3. Trade conducted with other countries is called foreign or external trade.
4. Foreign trade is divided into three parts; they are import, export and entrepot trade.

6) Economic Activity
1. Human beings are engaged in various activities throughout the day.
2. Some activities are done to earn money or livelihood.
3. These activities are called economic activities.
4. Economic activities are of three types; they are business, employment, and profession.
5. Because of the economic activities a person can earn for himself and his family.
6. These activities are required for the survival of a human being.

7) Non-economic
1. Human activities are divided into two types- economic and non-economic activities.
2. Non-economic activities are those which are conducted by a person to satisfy his non-monetary requirements.