State the different types of economic activities.

The different types of economic activities are-

i. Business: It refers to those economic activities that are concerned with production, sale and supply of goods with an aim of profit.

ii. Profession: It refers to those activities that require special knowledge and skill. People engaged in activities are known as professionals.

iii. Employment: It refers to those occupations where people get remunerated or reward in return. People engaged in those occupations are known as employees.