ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The statement you mentioned is FALSE, as business is an economic activity. Any activity which is concerned with production, purchase, sale or distribution of goods and Services with an aim of earning profit is referred as economic activity.

Detailed explanation-2: -Yes. Business is an economic activity carried on by a few or more individuals to produce, buy, or sell goods and services that satisfy human needs and help in earning income.

Detailed explanation-3: -Entrepreneurship, or the activity of starting and running a business, is a vital ingredient of economic growth and development. Entrepreneurs contribute to innovation, and they are central to dynamic Schumpeterian competition and broader economic dynamism.

Detailed explanation-4: -It is what generates the production and the supply of goods and services. The consumption of goods promotes competition and introduction of better products in the market. So consumption encourages production activities, so it is in itself an economic activity.

Detailed explanation-5: -A non-economic activity is an activity performed with the purpose of rendering services to others without any considerations of financial gains. Activities that are initiated for personal content or for meeting human sentiments are non-economic activities.