Q2 A of 16 Page 250

Answer each of the following questions in two or three sentences:

What is an economic activity?


An economic activity is concerned with the production and exchange of goods and services. It also includes the supply of technical, specialized and personal services like those provided by lawyers or doctors. all economic activities are ways to earn income in order to satisfy the various needs and wants in life.


More from this chapter

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1 E

Fill in the blanks with appropriate words in the following sentences:

The main cause for International trade was ______.


 1

Fill in the blanks with appropriate words in the following sentences:

Trade and commerce contribute to the economic development of a country by paying ______ ______ and ______ to the government.


 2 B

Answer each of the following questions in two or three sentences:

Give the meaning of trade and Commerce.


 2

Answer each of the following questions in two or three sentences:

What is meant by Barter system of exchange?