Understanding the Concept of Business

Hello students, welcome to Magnet Brains. This is Priyanka Dudhani, class 11th business studies ki aapki teacher. Students, humne previous class me pada tha nature and purpose of business chapter number 1 ka topic number 1 that is history of trade and commerce. Aaj hum padege the concept of business. Isliye main aapko bolte ho ki sare notes achche se banana, class ke saath saath chalna. You are at Magnet Brains platform, ek aisa platform jo offer karta hai free education. Yes. kindergarten select a class 12th a key sorry videos up community and that too absolutely free of cost hum de re car Vitae CBSE and coaches state boards key up co e notes or ebooks be milta hey just key link up description box a access car sector oh is ke alava agar apple complete courses dekha neta you can check our website also so go check it out so let's start at today's lecture concept of business So before starting this lecture, if you have not seen the previous lecture, then first see that because all the topics are linked to each other and you will understand this topic only when you have completed the history of trade and commerce. Okay, so we are all human beings and we do some work. For example, I am teaching you, so I get a remuneration, a salary in return for teaching you. Okay, so that is my income. You are studying at home, you have not paid anything for this because it is free education. Right? So you did not have to pay anything in return. So this is also a kind of activity. You father goes to the shop or in some profession or is a doctor or an engineer or he is an employee or does any kind of work. Or your mother cooks at home or runs a restaurant chain or any of your... your friends do any kind of work So, it is not necessary that they are getting salary in return for all the work or they are earning something. Some work is also done out of love and affection. For example, if I am teaching you, so this is my profession, teaching. But if I am going home and teaching my younger brother, then what will happen? There the children will see that it is out of love and affection. I am providing education to him because he is my little brother. I am not charging anything from him. So, these types of activities are there. human activities. Now human activities can be divided into many categories because it is a very enlarged concept. Suppose you are a doctor, you are providing your services to patients through a hospital. Let's say you are a dentist. You are associated with a hospital and all the patients you have are patients associated with the hospital. So you will get your fixed pay scale. being a doctor and for patients hospital capacity in the on key to fees hoogie hospital lega on say and up co-op key fees will again but let's take an another example after could cut clean again take a up a doctor oh I put could cut clean again take a the Jitani become I huggy who up key could key huggy take a parallel employee T or a be up could up name a lego take a walk with food kahi business a to Jitani come I huggy walkie could key huggy If you are a doctor and someone is sick at your home and you are giving them medicines, will you charge them? No, because it is out of love and affection, it is care. So, human activities are of many types. So, this was the introductory part, let's start the session. All human beings, wherever they are, are required to perform some or the other activities to satisfy their needs. To fulfill our needs, we have to perform some activities. Okay. They pursue different activities to earn a livelihood. We pursue different activities so that we can earn money to live. Today you know how expensive everything is. If you have money, you can afford health. If you have money, you can afford clothes. If you have money, you can afford luxuries. But if you don't have money, you can't afford anything. Roti, clothes, house is a very small concept to speak. But if we go to the bigger concept, we need a lot of things to satisfy our needs apart from the food, clothing and house. They pursue different activities to earn a livelihood and to get some psychological satisfaction. Activities which human beings undertake are known as human activities. Whatever activities we humans do, they are called human activities. Okay, let us suppose if I am dancing and I am taking a shower. a dance class to satisfy my physical health. I mean I have to keep myself fit, so that is a human activity. If I am a professional dancer, for say, so it is my profession, I go to some studio, go to some club or go to some Zumba class me jake me dance ikhasa team okay so we're a professional yeah but I got my car pay essay he runs curry who up new man's it was a kill yet to move he married activity hey but nahi woman a business and I you a profession hey take I am doing it for my own interest. So, if human beings do any activities, then what do we call it? Human activities. Okay. So, this was our introductory part students. After this, let's see the concept of business. So, the concept of business is that human activities are divided into two types. First is our economic activity and second is non-economic activity. There are two images on your screen. The first image is... that this lady is running a tiffin center you can see tiffins here she makes food and fills it in tiffin maybe there are pgk students living nearby paying guests or hostels so she runs tiffin system so tell me is this tiffin system running for free? obviously not she charges 3000 rupees for one tiffin 3000 rupees per tiffin. So, what kind of activity is this? Economic activity. Why is this an economic activity? Because in return, they are getting money. Okay, 3000 rupees per tiffin. But on the other hand, see this mom is cooking. along with her daughter making her delicacies to making her strawberry shake or any kind of smoothie so that her daughter can eat. Matlab aapki mummy agar kuch khana bannati hai aap ke liye toh wo kya hai? economic activity is key but let me open a search career name it is out of love and affection apne heart to see but not give your area heart to see but not capable kill a real ticket to get your head non economic activity yeah out of love and affection home career ticket I'm a up to coach or examples that you suppose X are da ji hey I'm rich sir me on the could cut a short asset have a move a happy a passive amate ha oh ha perunca bohut sorry customers at a bohut Chole kulche is a very famous meal to eat. On the other hand, if they are serving food in the Gurudwara, they were getting money for the food in the Dhaba. The customers who were coming to their Dhaba were earning money. On the other hand, if we talk about the service they are doing in the Gurudwara, they are saying that they are not paying the money. wahan par unko paise toh nahi milenge, wo apne man se kar rahe hain, unka religious belief hai ki waise karne se punya milta hai. Thike, so yahan pe humne kya dekha ki jab wo dhaba run kar rahe the, wo tha economic activity, par jab wo gurdwara me seva kar rahe the, toh wo thi non economic activity. I hope apko samajh me aaya hoga in dono ke beech me difference. Ab hum isko detail me padte hai, economic activities are those by which we can earn our livelihood, whereas non Non-economic activities are performed out of love, sympathy, sentiment, patriotism, etc. Means economic activities are performed so that we can earn money to live. And non-economic activities are performed because we want to. We perform it out of love, out of sympathy, out of patriotism. So this is the bifurcation between the two. Thank you. For example, here you have given some examples. For example, a worker working in a factory. When a worker is working in a factory, then what is he doing? He is doing economic activity. Okay. For example, a doctor operating in his clinic. So, here also he is earning money. It is economic activity. A manager working in an office and a teacher teaching in a school. Okay. Are doing. So, what are we doing? We are all doing economic activity. Whether he is a worker in the factory, whether he is a doctor, whether he is a manager, whether he is a teacher, what are we doing? We are doing economic activity. So, here basically what are they doing? They are earning money so that they can run their daily bread. So, that's why students call it economic activity. Now, let's come to our next concept, non-economic activities. So, as I have already told you, non-economic activities are not only for the people but also for the people. economic activity kya hota hai students non economic activity matla out of love sympathy patriotism and him up me it's a say vocal a hamaki senior Boulogne's keep a dilemma nahi hamka quick remuneration nahi hamka quick profit kuj bini return of money mill rahe so on the other hand a housewife Cooking food for her family or a boy helping an old woman cross the road are performing non-economic activities. Okay. There is an old lady who is not able to cross the road. So, a small boy... So, I helped her and said, come aunty I will help you cross the road. So, will aunty pay anything in return? No. Why did she do that? Because she felt that she will not be able to do it herself. It was out of sympathy. You mother cooks for you. You sister cooks for you. Or you cook for someone. So, what are you doing? What are you doing? You are doing out of love. Because they are your family members. If I teach my younger brother, then I am out of love. love carry on kaki uski performance a chihuahua's come a or the other hand only just a man up sub code at the you take it but I got my happy but I really who to you a profession head teaching so is key but the way much a remuneration milti hey so yeah yeah we economic activity of the I hope up go so much may I a the non economic activity and the just give a delay me apple kissy park our key money in return nahi milti yeah I've got a whole out of love out of sympathy out of patriotism prism is what is a up cut you up is my further classification be given hand they can Economic activities may be further divided into three categories, namely business, profession and employment. That means economic activities have further division. First was human activity. Human activity had two divisions, economic and non-economic. Now, there are three divisions in economic activity. You are getting the whole flowchart. So, let's move ahead. So, first, our human activity. activities were of two types. I repeat again economic and non-economic. These are the types of economic. So first type is business. Now you are seeing this shop of rentals in the image. So what is this? Here the stuff is kept. There will be a shopkeeper who will sell the entire stuff. Whatever you will purchase from him you will have to pay for it. You can purchase on credit in today's time. Credit is not available. system be allowed a phone picker sector or PTM curse active so you can a tyranny can do can hear actual up Rosemary life may have me they feel so what is this is business okay so it refers to those economic activities with which are connected with the production purchase sale distribution of goods or service with the main objective of earning profit take a example fishing farming mining running a kirana shop take a yes up here hey I'm profit Kelly curry having businessman so is Lee business care Kata hey and economic activity hey let's suppose let's suppose up come up a food truck open career ticket let's suppose epic food truck open career yeah fair up we restaurant open girl you take a yeah fair up koi yoga center yoga retreat Center open career yeah fair up koi beautician beauty corner open career okay parlor wagira so yes above open career many bar bar a quote below up open career up open career yeah me a business ever Joee yeah okay business a job be up come out give up job in Oksana Okaoski bar baby up go he gonna put it so business is give me boss types of forms of business organization who they have to further so it refers to those economic activities which is production purchase sale distribution is connected to all this I hope you understood it well now coming to profession you go to a doctor the service which doctor provides you suppose you have fever so if you say doctor sir I have fever doctor uncle I have fever and he will check carrying a to do service up may up new and silly Joee medicines in a liquidy campus service could touch cursus to native cursus to give you intangible othea as a he let's say up maybe architect say guidance Lee on a project let's say up niko interior designers a guidance Lee for the construction of a building let's say up me a beautician say haircut kavaia ticket let's say up me up If you are a chartered accountant or a company secretary, then you have provided your services to some clients. Let's say you are a software engineer, you have made the software for the company. So what are all these? These are all professions, different, different. Professions, Beautician's profession teaching profession, doctor profession, software engineer profession so in this profession if it is your own then it is called business means you are a doctor and you have your own clinic so all the earnings are yours but but but if we talk about profession so this profession which I am saying only in the word doctor the word which I am saying in the word engineer is not a profession where you render your services so profession refers to those activities which require special knowledge and skill to be applied by an individual in this work to earn a living. Let's suppose a doctor has to apply his education and all other skills if a patient comes and he says a case which is a bit critical. If he has a normal fever then he will give medicine but if there are cases like recently I came across a case in economic times newspaper I read economic times the wahab a extra typhus can get a Bimari to a doctor a detective he jump key a CB Maria usually look detect nahi garbate so seeing to the condition of the skin of the patient doctor applied all his skills all his knowledge and cured dead patient through his services by providing adequate medicines and appropriate medicines which were not being provided by any other doctor So, if the doctor is applying his skills, if the doctor is applying his skills, his knowledge to cure a patient, then why is he doing it? So that he can earn his livelihood, so that he can earn a little money and by applying his skills, he is getting money in return. Now, and where entry is restricted. Now, can everyone enter the profession? No. To enter the profession, you need an adequate... degree J a a god kissy code doctor banana a in the 21st century unco sub sepele to after class 12th need ka exam qualify karna hota let's suppose a coach arted accountant banana head to a poco sub sepele after class 12th see a foundation then see a inter then up ki article ship then up car finals a po ester EKS a poor process maintain karna hoga let's suppose up engineer hey so other up normal college separate way to opt well keep our direct admission little at a but a graph IIT Wagara case or a chair reputed colleges sap engineering pursue gonna chat and top J W E kappa per do get let's say up best colleges of India me panna chatty auto up see you at K through enter karaoke so it's up say up kya Sanjay he hum a coin course pursue Karna hota ha me queen professional degree kizabat oti a tabi hum profession me Asakura naito hum nahi Asakura take a watch oh so profession kabe sick matlab ye hai ki profession job job professionals apne skills apne knowledge apply kerke or kaam karte hain to earn a living isko bolte hain profession. Har koi profession mein nahin gosakta you require degree. Thike hai? So, these activities are subject to guidelines or code of conduct laid down by professional bodies. Those people engaged in professions are called as professionals. for example lawyers for example doctors CA's etc okay so yeah happy I jatta have no profession who jatta hey complete business make a hotel business may usually kobe be active business calls but suppose let's say you are opening a medical shop or you are opening some businesses which will require government permission then you will have to take the permission. If you are opening a company then you will have to do registration. If you are opening a partnership then registration is optional. So these are the formalities but yes any person can open a business. But can any person become a professional? No. First of all you will have to pursue a degree then only you can become a professional. You can show your professionalism in your profession, in your respective profession. Suppose doctor, engineer, etc. Okay. Coming forward, employment. Let's say that Mr. A does a job in a bank. He is a manager. okay so let's say he a mr. a a bank may managing director keep post for him so students yeah yeah is bank a employee What is this bank's employee? So what does the bank give them? The bank gives them salary. Okay? And what does the bank give them? The bank gives them its management services. The bank gives them its management services. Okay, so apne kya dekha employment refers to an activity matlab ye bhi ek activity hai in which an individual works regularly for another person. So individual jisme kisi aur vyakti ke liye kaam karta hai and gets remuneration but limit score salary milti here example working in office banks companies etc okay so yet I employment so employment business or profession you do know can economic activities k part a ticket jelly moving further In the concept of business, our next topic is Distinction between business, profession and employment So what is the difference between business, profession and employment? Let me recall it again business may entry restricted nahi hoti. Koi bhi vekti business open kar sakta hai jo badle mein paise kamate, usse bolte hain profits. Profession aap tabhi chalu kar sakte ho jab aapke paas ek degree ho, jab aapke paas adequate skills ho, qualification ho tabhi. profession chalo kar sakte ho. Waha pe apko apki jo judgment hai, apki jo education hai, apki jo knowledge hai, apki jo service jo provide karte ho, uske basis pe apni living ko earn karte ho. Now coming to employment, employment mein kya tha, aap kisi aur ke andar mein kaam karte ho, badal mein aapko tankha milti hai. Par, in tino ke beech mein farak kya hai? Toh sabse pehla farak hai commencement ke basis par. So business may commence with the decision of the entrepreneur. Jaap businessmen man chahe wo apna business open kar sakta hai. Now coming to profession. So profession may commence on the completion of a degree. Agar aapko doctor banna hai, theek hai, toh aapko MBBS ki degree pursue karne padegi. Agar aapko dentist banna hai toh BDS aur MDS ki degree aapko pursue karne padegi. Agar aapko CA banna hai toh Chartered Accountant's degree from ICAI aapko pursue karne padegi. Engineer banna hai toh again aapko engineer banna hai. engineering course, proper B.Tech course. If you want to become a lawyer, you have to complete your degree in a college associated with the Bar Council of India. So, what did you see? The profession starts only when you complete any degree in any area in which you have interest and what you get is COP. What do you get? COP. So students, what does COP mean? Let's suppose I am pursuing a law degree and after completing my degree, will I become a lawyer or not? After practicing, I will get a certificate. of practice will tell him me sorry for my ladies give out work as a document hotel which allow Kata hey to give lawyer services to other clients take it so yeah hopper Co P Bhot mandatory hotelers you'll be naive to up a professional service is not visible ok now coming to employment okay employment is very easy employment commences by joining duty or by entering into a service agreement employment commences only when you go to work under someone you join duty in return you get salary ok now qualification do we need any qualification to start a business no minimum qualification required before starting the business. You don't need to. You just need to have expertise to sell business. Basically, whatever type of business you have, what are you basically doing? Either you are selling service or goods. So, you should have that skill to run a business. Okay. Now, profession. So, profession prescribed and professional certification and training required. So, profession means everything from degree only. So, you should be qualified then only you can start profession. Okay. Now, employment. Qualification depends on the nature of job. Let's suppose, let's suppose there is a Mr. X. Okay. So, students Mr. X he is an accountant by profession. account and hand by profession the whole sector in only bachelors in commerce and masters in commerce key degree key who who sector in only see a key a who I'll who sector in a tell tally to robot seek out who sector in only could be nice account so Their qualification depends on whether they will get a job or not. So, the nature of our job matters. Let's suppose he is an accountant. But they have been called to handle the accounts of a company and they are basic accountants. They don't have any prior experience. So will they be hired? No. Similarly, the qualification here depends on what job you are asking for. Okay? What type of job do you have? What are the requirements? Okay? So let's move ahead. Our next basis of distinction is investment. So, the investment for business is called capital. So, capital requirement depends upon the scale of business. If it is a small business, then it will cost less. but a business is a jada lager legging so capital is the root for starting the business capital hey tohia business chalapao get profession I got a degree complete curly hair so yeah I've got or investment legging Thodi bhot investment lag sakte hai, just minimum setup to start your professional services. So, profession mein limited capital investment required hota hai. Employment, aap kahi aur naukri kar rahe ho, aapko to tanka mil rahe hai fixed, theek hai, to aapko wahan par kisi prakar ki investment nahi lagte hai. Now coming to risk, business mein sabse zyada risk hota hai, sabse zyada uncertainty hoti hai, profession mein kam risk hota hai, yana choti moti galti ho jati hai. But you have to be very careful there too. But there is no risk in employment. Because the loss is not yours, the loss is of the company, of the organization where you are working. Coming forward. transfer of interest so students transfer of interest may business may after coach business a upke up now business do say go transfer Korsak they are yes I transfer Korsak do with some formalities take a host act a up to the big ticket or you are not that old yet, in which you should do business, you have to pursue education, or you have come to a very old age, or you are not able to work, or you met with an accident and you have a business, then what will you do in those cases? Will you transfer your business to some legal representative, or to a friend, or to a family member? So, you can do it with some little bit formalities. But coming to profession, you are a doctor or you are a lawyer or you are an engineer or you are in any profession. Can you transfer your interest? No, you cannot transfer. because you become a professional only when you have a degree. So, the person whom you will transfer cannot get a degree. They will have to pursue those things only then they can become a doctor, engineer or lawyer. So, professional is the only way. interest transfer may he would that the profession may interest transfer transfer of interest is not possible coming to employment take a up up other employment may hold your topic service contract with a up good some Achilles kiss you or Kelly come good to you I put the limit salary milky it right so employment may be interest transfer possible nahi hey now main objective business coming objective chaotic profit come on a profession coming object chaotic service provide Karna or how many employment coming objective chaotic salary reform may income earn Karna so year returns and basically yeah put a return mill Rahe coming forward code of conduct students code of conduct chaotic Hamza school myth a chote says assembly line me look the thing so how many code of conduct follow cut the thing Jesse I was from yellow house to map and TV yellow color cake t-shirt red house blue house greenhouse char houses Then we had to get on the sharp 715 assembly line. Assembly used to run till 815. Then the time of recess was fixed. 5 minutes break was fixed. Water break was fixed. It was compulsory to speak English. If we didn't speak then it would have been fine. So what was all this? Code of conduct. That how we should live. So what is the code of conduct for businesses? Nothing like that is prescribed. Businessman can make his rules according to him. But what is the code of conduct in the profession? What is the code of conduct? so what the code of conduct a professional associations decide cut the air let's for example a pick see a whole charted accountant so up Kelly a code of conduct corn design Karega ICI Institute of Chartered Accountants of India take it so yeah Farmer apne kya deca profession make code of conduct what bodies decide cut the hair jink a under may apne degree Lee who are just areas belong you work, your professional degree from where you are, then those people will design code of conduct for you. Now in employment, you work in a company, so whatever terms and conditions that company has put on your service contract, then that is what code of conduct is for you. Okay. Now, nature of work involved, what kind of work is there in the business, production, manufacturing, retailer or suppose to a purchase karaoke manufacturer say of it sell karaoke yeah for exchange karaoke goods and service co so yes of activities business me at the a profession a profession a to a consul of conature of work yeah hey it involves rendering of personalized services of specialized nature yeah now up here up a services render curtail but on the other hand a girl up employee who take a the upcoming a churro work Yahoo job employer Bolega walker nahi padega now coming to reward so just a key up to put a business me milta profit professionals community a fees or employment come with a salary a wage a salary or wage a la la cue leka a bacho salary tub milti a job hum kissy office me come cut a but a garham labor a mas door a to mas door co-worker milta osco vage bolte ticket is less salary or wage sat me mentioned a ticket Now coming to case study. So, it is a case study. Look carefully. Amar, Akbar and Anthony are three friends. These three are friends. And they are pursuing different careers. Amar is a doctor. Amar is a doctor. And he is running his own clinic. dana could cut clinic take a Akbar runs a bakery and makes breads and biscuits Akbar cake bakery hair job rates or biscuits banata this may Anthony is an IAS officer take a the Anthony IAS officer a so you are required to identify their occupation to bataya a doctor had to a profession may I go professional a ticket for us ke bad Akbar con in business man a or yeah Anthony gone hey employee sir car come take it so how many analyze Carly and next differentiate between them on the basis of transfer of interest reward and code of conduct Okay, let's see. So first of all, transfer of interest. First of all, here he said he talked about the bakery. So, the bakery whose business is this, transfer of interest is possible with some formalities. The doctor who runs his own clinic, is the transfer of interest possible or not possible? The IAS officer, can he transfer his service contract? No, he can't. Let's come to the reward. If someone has a bakery, makes biscuits and cakes, what will be the reward? It will be called profit. Okay? The doctor gets student fees in return and the employee of the government, the IAS officer, salary and wage. Now third, they have said basis of differentiation code of conduct. So, the bakery that is running, is there any code of conduct for it? No, it is according to itself, can run according to their own rules. But, the person who is a doctor and running his own clinic, then yes, there is a code of conduct for him. The code of conduct of the Doctors Association will have to follow him. If he will not do it, then it will go according to his own rules. So, it is not allowed. For example, whenever a doctor has to do an operation, then he has to take that patient to the OTT, that means, the operation that is taking place there. If there is a critical case, may OT available nahi hai. Okay. Aur wo doctor us patient ko jaisi entry hui on the gate he perform matlab cheer fad karna chalu kar de. So it is not allowed. Okay. So yaha pe amne kya dekha code ek prescribed ho us asap se apko chalna padega. Aap operate nahi kar sakte jab tak OT ready nahi hai. Pahle OT ready ho gaye phir ye ap operate karoge. So ye inka code of conduct hai. Now employment. So bacho agar aap kahin job karte ho in future. To aapko kis ke hesap se chalna. padega. Joe aapko employer kahega uske aasap se chalna padega. Joe unke rules hongi, jo unke terms and condition hongi. So employment me jo code of conduct hai wo kaun te karta hai? Employer te karta hai. Kaun te karta hai? Employer. Thike. So ye tha hamara case study. Thike. Aur bakery ka, doctors ka and employee ka. When he was an IAS officer. Coming forward, non-economic activities. So, you might remember that I had shown you two images. I will open the images once again. If a lady is running a tiffin system and she is getting paid for it, then what is that? It is an economic activity. But when mom is cooking for her children, then it is out of love. It is out of love. So what is that? It is a non-economic activity. Apart from this, I gave you one more example. There is a Sardarji. Let's say... One second. So, there is a Sardarji who has a Dhaba. All the customers who come to his Dhaba, and whatever food he orders, he pays for it. But if that same Sardarji goes to the Gurudwara and serves, So, in return, they do not get anything. So, when they are doing seva, that is non-economic activity. But when they are cooking at a dhaba, that is economic activity. So, now we are going to read the second economic activity of students. and non economic activities may non economic activity so the activities which are undertaken by an individual with a motive of getting psychological satisfaction are known as non economic activity as the activity Joee What we do to make our mind happy is called non-economic activities. We are doing these activities to obtain psychological satisfaction. So, like we go to the temple, do charity, do social services, do production for self-consumption, then what is all this? Non-economic activities. Now, you must have understood that going to the temple means going to the temple, non-economic activity, you are doing charity, non-economic activities, social services, non-economic services to seek a help career oh yes he but she could free me but I really had non-economic activity the last while I a decade production for self-consumption let's suppose a farmer a what may her Kelly a he Joee crop say woke at the head take a or apne gharkeli oh god I had a man love a cell knee cart I a caja production for self-consumption so you be non-economic active because he is not selling those crops, he wants to eat for his family members, so what is that? Self-consumption. Now, the end result of non-economic activity is not earning profit, okay? Or creation of wealth. but it gives satisfaction other co-economic non-economic activity correct those who badly make which name will rise device satisfaction key whether the activity is economic or non-economic it depends on the motive with which it is performed motive they can get free but up I think economic activity here and on economic health okay coming forward up The same activity can be economic if it result in earning money and can be non-economic if it end result is not a monetary gain. Let's suppose, if you are helping someone to cross the road, it is non-economic activity. But if you are telling him that I will make you cross the road but I will charge you 10 rupees for it. So, he will say, okay, take 10 rupees. So, what happened? Economic activity happened. So, your motive is very important. matter cut that up examples the away coach so students example they claim when a teacher is teaching in a school but I'll get concierge activity we economic activity he can is an economic activity because he or she gets salary teacher go camel rice salary teaching and when the teacher is teaching his or her son at home I got what each other up my beta cooper are a hey garpey take it to look a huga yeah hugi non economic activity koki but chicken panicky apne khud ke bache ko padhane ke liye, sodhi na kuch charge karenge. So, then it is a non-economic activity. He or she will not get any monetary benefit for teaching son. Up, niche likha hai in the same way. Farmer is producing crop for selling. I gave you an example. If a farmer is producing crops for selling, then what will happen? Economic activity. If he is producing for self-consumption, then it will be non-economic activity. Okay? Let's move ahead. Difference between economic and non-economic activity. First of all, motive. What is the motive of economic activity? That money is earned in return. So, earning money. Or creation of wealth motive. What is the motive of non-economic activities? Social or psychological satisfaction. The mind becomes happy by doing non-economic activities. Then expectation. So in economic activity, money income is expected from these activities. non-economic activities money income expected nahi hoti hai. Phir purpose, so purpose kya hai economic activities ka ki wealth generate ho, yaane paise aaye, theek hai. Aur yahan pe purpose kya hai psychological satisfaction any one question that we have a charity the under arm yes up career outcome economic activity outcome chaotic I say milta ticket outcome kaha production of goods and service take a yeah top goods produce curtail services yeah goods up purchase car case Elgar the to be economic activity oti a crop suck up a gara hope for selling to work a production of goods take a so outcome kota production The outcome of non-economic activity is mental satisfaction. If you help someone, if you cook food for your child, then they get mental satisfaction that if they are eating with my hands, they will feel good. The examples of economic activities are business, profession, employment. The examples of non-economic activities are family-oriented activities, religious, like going to temple, social service, helping someone in crossing the road, and patriotic activities, doing something for the country. Okay, here I can give you an example students. As you know, in the year 2018, when floods came in different regions of India, people started to take care of themselves. They were the strong men of the colonies. They filled water in the entire area. They built their own ships. They went to each house. They gave their belongings to each house. They were serving the country. They were serving the people of the country. Because they were from the army background. So, family oriented activities, religious, social service, patriotic activities, all these are known as non-economic activities. Now, human activities are of two types, economic, non-economic, which I told you, business, profession, employment are our economic activities and religious, parental and social are our non-economic activities. Jumaine aapko abhi samjaya pura. So students that's all for today's video. Magnet brains pe mein aapko padha chuki hun chapter number one ke do lectures. Agar aapko aur bhi courses explore karne hai. So you can check our website. YouTube channel and either piss are a different different streams get different different courses a complete courses a kick sub topic a kick chapter a kick revision a a point covered a ticket that to absolutely free of cost agar aapko e notes yeah ebooks lane a hey those killing description box may given a a vahasa Jackie access curse active how many other social media platforms and as a Facebook Instagram Twitter telegram what's up links description box may given a vahasa Jackie I'm second act oh Sakto Hamdi Arikawa at the English medium as well as Hindi medium ki hamara Hindi medium kachan alakha or uskis at such CBS e board Delhi board Bihar board UP board MP board Rajasthan board yes are a state boards available along with the CBS e board agar apko Vedic maths main interest a top wedding match kakos be explore kar sakte ho it is absolutely available complete course aur uske saath jab class 12th ya 11th ya jab bhi aapke exams near hota hai toh ham crash courses bhi launch karte hain jo aapko help karte hain to speed up your preparation theek hai. Phir agar aapke English weak hai toh aap hamara spoken English ka course le sakte hain aur that is absolutely free of cost. So please go and check our website and e-notes ya e-books chahiye toh I said description box mein sab kuch given hai. Check it out. Thank you so much. Have a good day.

Isliye main aapko bolte ho ki sare notes achche se banana, class ke saath saath chalna. You are at Magnet Brains platform, ek aisa platform jo offer karta hai free education. Yes.

kindergarten select a class 12th a key sorry videos up community and that too absolutely free of cost hum de re car Vitae CBSE and coaches state boards key up co e notes or ebooks be milta hey just key link up description box a access car sector oh is ke alava agar apple complete courses dekha neta you can check our website also so go check it out so let's start at today's lecture concept of business So before starting this lecture, if you have not seen the previous lecture, then first see that because all the topics are linked to each other and you will understand this topic only when you have completed the history of trade and commerce. Okay, so we are all human beings and we do some work. For example, I am teaching you, so I get a remuneration, a salary in return for teaching you. Okay, so that is my income.

You are studying at home, you have not paid anything for this because it is free education. Right? So you did not have to pay anything in return. So this is also a kind of activity.

You father goes to the shop or in some profession or is a doctor or an engineer or he is an employee or does any kind of work. Or your mother cooks at home or runs a restaurant chain or any of your... your friends do any kind of work So, it is not necessary that they are getting salary in return for all the work or they are earning something.

Some work is also done out of love and affection. For example, if I am teaching you, so this is my profession, teaching. But if I am going home and teaching my younger brother, then what will happen? There the children will see that it is out of love and affection. I am providing education to him because he is my little brother.

I am not charging anything from him. So, these types of activities are there. human activities. Now human activities can be divided into many categories because it is a very enlarged concept. Suppose you are a doctor, you are providing your services to patients through a hospital.

Let's say you are a dentist. You are associated with a hospital and all the patients you have are patients associated with the hospital. So you will get your fixed pay scale. being a doctor and for patients hospital capacity in the on key to fees hoogie hospital lega on say and up co-op key fees will again but let's take an another example after could cut clean again take a up a doctor oh I put could cut clean again take a the Jitani become I huggy who up key could key huggy take a parallel employee T or a be up could up name a lego take a walk with food kahi business a to Jitani come I huggy walkie could key huggy If you are a doctor and someone is sick at your home and you are giving them medicines, will you charge them?

No, because it is out of love and affection, it is care. So, human activities are of many types. So, this was the introductory part, let's start the session.

All human beings, wherever they are, are required to perform some or the other activities to satisfy their needs. To fulfill our needs, we have to perform some activities. Okay.

They pursue different activities to earn a livelihood. We pursue different activities so that we can earn money to live. Today you know how expensive everything is. If you have money, you can afford health.

If you have money, you can afford clothes. If you have money, you can afford luxuries. But if you don't have money, you can't afford anything.

Roti, clothes, house is a very small concept to speak. But if we go to the bigger concept, we need a lot of things to satisfy our needs apart from the food, clothing and house. They pursue different activities to earn a livelihood and to get some psychological satisfaction. Activities which human beings undertake are known as human activities. Whatever activities we humans do, they are called human activities.

Okay, let us suppose if I am dancing and I am taking a shower. a dance class to satisfy my physical health. I mean I have to keep myself fit, so that is a human activity. If I am a professional dancer, for say, so it is my profession, I go to some studio, go to some club or go to some Zumba class me jake me dance ikhasa team okay so we're a professional yeah but I got my car pay essay he runs curry who up new man's it was a kill yet to move he married activity hey but nahi woman a business and I you a profession hey take I am doing it for my own interest.

So, if human beings do any activities, then what do we call it? Human activities. Okay. So, this was our introductory part students. After this, let's see the concept of business.

So, the concept of business is that human activities are divided into two types. First is our economic activity and second is non-economic activity. There are two images on your screen. The first image is... that this lady is running a tiffin center you can see tiffins here she makes food and fills it in tiffin maybe there are pgk students living nearby paying guests or hostels so she runs tiffin system so tell me is this tiffin system running for free?

obviously not she charges 3000 rupees for one tiffin 3000 rupees per tiffin. So, what kind of activity is this? Economic activity. Why is this an economic activity? Because in return, they are getting money.

Okay, 3000 rupees per tiffin. But on the other hand, see this mom is cooking. along with her daughter making her delicacies to making her strawberry shake or any kind of smoothie so that her daughter can eat.

Matlab aapki mummy agar kuch khana bannati hai aap ke liye toh wo kya hai? economic activity is key but let me open a search career name it is out of love and affection apne heart to see but not give your area heart to see but not capable kill a real ticket to get your head non economic activity yeah out of love and affection home career ticket I'm a up to coach or examples that you suppose X are da ji hey I'm rich sir me on the could cut a short asset have a move a happy a passive amate ha oh ha perunca bohut sorry customers at a bohut Chole kulche is a very famous meal to eat. On the other hand, if they are serving food in the Gurudwara, they were getting money for the food in the Dhaba. The customers who were coming to their Dhaba were earning money. On the other hand, if we talk about the service they are doing in the Gurudwara, they are saying that they are not paying the money.

wahan par unko paise toh nahi milenge, wo apne man se kar rahe hain, unka religious belief hai ki waise karne se punya milta hai. Thike, so yahan pe humne kya dekha ki jab wo dhaba run kar rahe the, wo tha economic activity, par jab wo gurdwara me seva kar rahe the, toh wo thi non economic activity. I hope apko samajh me aaya hoga in dono ke beech me difference. Ab hum isko detail me padte hai, economic activities are those by which we can earn our livelihood, whereas non Non-economic activities are performed out of love, sympathy, sentiment, patriotism, etc.

Means economic activities are performed so that we can earn money to live. And non-economic activities are performed because we want to. We perform it out of love, out of sympathy, out of patriotism. So this is the bifurcation between the two.

Thank you. For example, here you have given some examples. For example, a worker working in a factory. When a worker is working in a factory, then what is he doing?

He is doing economic activity. Okay. For example, a doctor operating in his clinic. So, here also he is earning money. It is economic activity.

A manager working in an office and a teacher teaching in a school. Okay. Are doing.

So, what are we doing? We are all doing economic activity. Whether he is a worker in the factory, whether he is a doctor, whether he is a manager, whether he is a teacher, what are we doing? We are doing economic activity. So, here basically what are they doing?

They are earning money so that they can run their daily bread. So, that's why students call it economic activity. Now, let's come to our next concept, non-economic activities.

So, as I have already told you, non-economic activities are not only for the people but also for the people. economic activity kya hota hai students non economic activity matla out of love sympathy patriotism and him up me it's a say vocal a hamaki senior Boulogne's keep a dilemma nahi hamka quick remuneration nahi hamka quick profit kuj bini return of money mill rahe so on the other hand a housewife Cooking food for her family or a boy helping an old woman cross the road are performing non-economic activities. Okay. There is an old lady who is not able to cross the road.

So, a small boy... So, I helped her and said, come aunty I will help you cross the road. So, will aunty pay anything in return?

No. Why did she do that? Because she felt that she will not be able to do it herself. It was out of sympathy.

You mother cooks for you. You sister cooks for you. Or you cook for someone. So, what are you doing? What are you doing?

You are doing out of love. Because they are your family members. If I teach my younger brother, then I am out of love.

love carry on kaki uski performance a chihuahua's come a or the other hand only just a man up sub code at the you take it but I got my happy but I really who to you a profession head teaching so is key but the way much a remuneration milti hey so yeah yeah we economic activity of the I hope up go so much may I a the non economic activity and the just give a delay me apple kissy park our key money in return nahi milti yeah I've got a whole out of love out of sympathy out of patriotism prism is what is a up cut you up is my further classification be given hand they can Economic activities may be further divided into three categories, namely business, profession and employment. That means economic activities have further division. First was human activity. Human activity had two divisions, economic and non-economic. Now, there are three divisions in economic activity.

You are getting the whole flowchart. So, let's move ahead. So, first, our human activity.

activities were of two types. I repeat again economic and non-economic. These are the types of economic.

So first type is business. Now you are seeing this shop of rentals in the image. So what is this? Here the stuff is kept. There will be a shopkeeper who will sell the entire stuff.

Whatever you will purchase from him you will have to pay for it. You can purchase on credit in today's time. Credit is not available.

system be allowed a phone picker sector or PTM curse active so you can a tyranny can do can hear actual up Rosemary life may have me they feel so what is this is business okay so it refers to those economic activities with which are connected with the production purchase sale distribution of goods or service with the main objective of earning profit take a example fishing farming mining running a kirana shop take a yes up here hey I'm profit Kelly curry having businessman so is Lee business care Kata hey and economic activity hey let's suppose let's suppose up come up a food truck open career ticket let's suppose epic food truck open career yeah fair up we restaurant open girl you take a yeah fair up koi yoga center yoga retreat Center open career yeah fair up koi beautician beauty corner open career okay parlor wagira so yes above open career many bar bar a quote below up open career up open career yeah me a business ever Joee yeah okay business a job be up come out give up job in Oksana Okaoski bar baby up go he gonna put it so business is give me boss types of forms of business organization who they have to further so it refers to those economic activities which is production purchase sale distribution is connected to all this I hope you understood it well now coming to profession you go to a doctor the service which doctor provides you suppose you have fever so if you say doctor sir I have fever doctor uncle I have fever and he will check carrying a to do service up may up new and silly Joee medicines in a liquidy campus service could touch cursus to native cursus to give you intangible othea as a he let's say up maybe architect say guidance Lee on a project let's say up niko interior designers a guidance Lee for the construction of a building let's say up me a beautician say haircut kavaia ticket let's say up me up If you are a chartered accountant or a company secretary, then you have provided your services to some clients. Let's say you are a software engineer, you have made the software for the company. So what are all these? These are all professions, different, different. Professions, Beautician's profession teaching profession, doctor profession, software engineer profession so in this profession if it is your own then it is called business means you are a doctor and you have your own clinic so all the earnings are yours but but but if we talk about profession so this profession which I am saying only in the word doctor the word which I am saying in the word engineer is not a profession where you render your services so profession refers to those activities which require special knowledge and skill to be applied by an individual in this work to earn a living.

Let's suppose a doctor has to apply his education and all other skills if a patient comes and he says a case which is a bit critical. If he has a normal fever then he will give medicine but if there are cases like recently I came across a case in economic times newspaper I read economic times the wahab a extra typhus can get a Bimari to a doctor a detective he jump key a CB Maria usually look detect nahi garbate so seeing to the condition of the skin of the patient doctor applied all his skills all his knowledge and cured dead patient through his services by providing adequate medicines and appropriate medicines which were not being provided by any other doctor So, if the doctor is applying his skills, if the doctor is applying his skills, his knowledge to cure a patient, then why is he doing it? So that he can earn his livelihood, so that he can earn a little money and by applying his skills, he is getting money in return.

Now, and where entry is restricted. Now, can everyone enter the profession? No. To enter the profession, you need an adequate...

degree J a a god kissy code doctor banana a in the 21st century unco sub sepele to after class 12th need ka exam qualify karna hota let's suppose a coach arted accountant banana head to a poco sub sepele after class 12th see a foundation then see a inter then up ki article ship then up car finals a po ester EKS a poor process maintain karna hoga let's suppose up engineer hey so other up normal college separate way to opt well keep our direct admission little at a but a graph IIT Wagara case or a chair reputed colleges sap engineering pursue gonna chat and top J W E kappa per do get let's say up best colleges of India me panna chatty auto up see you at K through enter karaoke so it's up say up kya Sanjay he hum a coin course pursue Karna hota ha me queen professional degree kizabat oti a tabi hum profession me Asakura naito hum nahi Asakura take a watch oh so profession kabe sick matlab ye hai ki profession job job professionals apne skills apne knowledge apply kerke or kaam karte hain to earn a living isko bolte hain profession. Har koi profession mein nahin gosakta you require degree. Thike hai?

So, these activities are subject to guidelines or code of conduct laid down by professional bodies. Those people engaged in professions are called as professionals. for example lawyers for example doctors CA's etc okay so yeah happy I jatta have no profession who jatta hey complete business make a hotel business may usually kobe be active business calls but suppose let's say you are opening a medical shop or you are opening some businesses which will require government permission then you will have to take the permission.

If you are opening a company then you will have to do registration. If you are opening a partnership then registration is optional. So these are the formalities but yes any person can open a business.

But can any person become a professional? No. First of all you will have to pursue a degree then only you can become a professional. You can show your professionalism in your profession, in your respective profession. Suppose doctor, engineer, etc.

Okay. Coming forward, employment. Let's say that Mr. A does a job in a bank.

He is a manager. okay so let's say he a mr. a a bank may managing director keep post for him so students yeah yeah is bank a employee What is this bank's employee? So what does the bank give them?

The bank gives them salary. Okay? And what does the bank give them?

The bank gives them its management services. The bank gives them its management services. Okay, so apne kya dekha employment refers to an activity matlab ye bhi ek activity hai in which an individual works regularly for another person. So individual jisme kisi aur vyakti ke liye kaam karta hai and gets remuneration but limit score salary milti here example working in office banks companies etc okay so yet I employment so employment business or profession you do know can economic activities k part a ticket jelly moving further In the concept of business, our next topic is Distinction between business, profession and employment So what is the difference between business, profession and employment? Let me recall it again business may entry restricted nahi hoti.

Koi bhi vekti business open kar sakta hai jo badle mein paise kamate, usse bolte hain profits. Profession aap tabhi chalu kar sakte ho jab aapke paas ek degree ho, jab aapke paas adequate skills ho, qualification ho tabhi. profession chalo kar sakte ho. Waha pe apko apki jo judgment hai, apki jo education hai, apki jo knowledge hai, apki jo service jo provide karte ho, uske basis pe apni living ko earn karte ho.

Now coming to employment, employment mein kya tha, aap kisi aur ke andar mein kaam karte ho, badal mein aapko tankha milti hai. Par, in tino ke beech mein farak kya hai? Toh sabse pehla farak hai commencement ke basis par.

So business may commence with the decision of the entrepreneur. Jaap businessmen man chahe wo apna business open kar sakta hai. Now coming to profession.

So profession may commence on the completion of a degree. Agar aapko doctor banna hai, theek hai, toh aapko MBBS ki degree pursue karne padegi. Agar aapko dentist banna hai toh BDS aur MDS ki degree aapko pursue karne padegi.

Agar aapko CA banna hai toh Chartered Accountant's degree from ICAI aapko pursue karne padegi. Engineer banna hai toh again aapko engineer banna hai. engineering course, proper B.Tech course. If you want to become a lawyer, you have to complete your degree in a college associated with the Bar Council of India. So, what did you see?

The profession starts only when you complete any degree in any area in which you have interest and what you get is COP. What do you get? COP. So students, what does COP mean?

Let's suppose I am pursuing a law degree and after completing my degree, will I become a lawyer or not? After practicing, I will get a certificate. of practice will tell him me sorry for my ladies give out work as a document hotel which allow Kata hey to give lawyer services to other clients take it so yeah hopper Co P Bhot mandatory hotelers you'll be naive to up a professional service is not visible ok now coming to employment okay employment is very easy employment commences by joining duty or by entering into a service agreement employment commences only when you go to work under someone you join duty in return you get salary ok now qualification do we need any qualification to start a business no minimum qualification required before starting the business. You don't need to.

You just need to have expertise to sell business. Basically, whatever type of business you have, what are you basically doing? Either you are selling service or goods.

So, you should have that skill to run a business. Okay. Now, profession.

So, profession prescribed and professional certification and training required. So, profession means everything from degree only. So, you should be qualified then only you can start profession. Okay. Now, employment.

Qualification depends on the nature of job. Let's suppose, let's suppose there is a Mr. X. Okay. So, students Mr. X he is an accountant by profession.

account and hand by profession the whole sector in only bachelors in commerce and masters in commerce key degree key who who sector in only see a key a who I'll who sector in a tell tally to robot seek out who sector in only could be nice account so Their qualification depends on whether they will get a job or not. So, the nature of our job matters. Let's suppose he is an accountant.

But they have been called to handle the accounts of a company and they are basic accountants. They don't have any prior experience. So will they be hired?

No. Similarly, the qualification here depends on what job you are asking for. Okay? What type of job do you have?

What are the requirements? Okay? So let's move ahead.

Our next basis of distinction is investment. So, the investment for business is called capital. So, capital requirement depends upon the scale of business. If it is a small business, then it will cost less.

but a business is a jada lager legging so capital is the root for starting the business capital hey tohia business chalapao get profession I got a degree complete curly hair so yeah I've got or investment legging Thodi bhot investment lag sakte hai, just minimum setup to start your professional services. So, profession mein limited capital investment required hota hai. Employment, aap kahi aur naukri kar rahe ho, aapko to tanka mil rahe hai fixed, theek hai, to aapko wahan par kisi prakar ki investment nahi lagte hai.

Now coming to risk, business mein sabse zyada risk hota hai, sabse zyada uncertainty hoti hai, profession mein kam risk hota hai, yana choti moti galti ho jati hai. But you have to be very careful there too. But there is no risk in employment. Because the loss is not yours, the loss is of the company, of the organization where you are working. Coming forward.

transfer of interest so students transfer of interest may business may after coach business a upke up now business do say go transfer Korsak they are yes I transfer Korsak do with some formalities take a host act a up to the big ticket or you are not that old yet, in which you should do business, you have to pursue education, or you have come to a very old age, or you are not able to work, or you met with an accident and you have a business, then what will you do in those cases? Will you transfer your business to some legal representative, or to a friend, or to a family member? So, you can do it with some little bit formalities. But coming to profession, you are a doctor or you are a lawyer or you are an engineer or you are in any profession. Can you transfer your interest?

No, you cannot transfer. because you become a professional only when you have a degree. So, the person whom you will transfer cannot get a degree. They will have to pursue those things only then they can become a doctor, engineer or lawyer.

So, professional is the only way. interest transfer may he would that the profession may interest transfer transfer of interest is not possible coming to employment take a up up other employment may hold your topic service contract with a up good some Achilles kiss you or Kelly come good to you I put the limit salary milky it right so employment may be interest transfer possible nahi hey now main objective business coming objective chaotic profit come on a profession coming object chaotic service provide Karna or how many employment coming objective chaotic salary reform may income earn Karna so year returns and basically yeah put a return mill Rahe coming forward code of conduct students code of conduct chaotic Hamza school myth a chote says assembly line me look the thing so how many code of conduct follow cut the thing Jesse I was from yellow house to map and TV yellow color cake t-shirt red house blue house greenhouse char houses Then we had to get on the sharp 715 assembly line. Assembly used to run till 815. Then the time of recess was fixed.

5 minutes break was fixed. Water break was fixed. It was compulsory to speak English.

If we didn't speak then it would have been fine. So what was all this? Code of conduct.

That how we should live. So what is the code of conduct for businesses? Nothing like that is prescribed. Businessman can make his rules according to him. But what is the code of conduct in the profession?

What is the code of conduct? so what the code of conduct a professional associations decide cut the air let's for example a pick see a whole charted accountant so up Kelly a code of conduct corn design Karega ICI Institute of Chartered Accountants of India take it so yeah Farmer apne kya deca profession make code of conduct what bodies decide cut the hair jink a under may apne degree Lee who are just areas belong you work, your professional degree from where you are, then those people will design code of conduct for you. Now in employment, you work in a company, so whatever terms and conditions that company has put on your service contract, then that is what code of conduct is for you. Okay.

Now, nature of work involved, what kind of work is there in the business, production, manufacturing, retailer or suppose to a purchase karaoke manufacturer say of it sell karaoke yeah for exchange karaoke goods and service co so yes of activities business me at the a profession a profession a to a consul of conature of work yeah hey it involves rendering of personalized services of specialized nature yeah now up here up a services render curtail but on the other hand a girl up employee who take a the upcoming a churro work Yahoo job employer Bolega walker nahi padega now coming to reward so just a key up to put a business me milta profit professionals community a fees or employment come with a salary a wage a salary or wage a la la cue leka a bacho salary tub milti a job hum kissy office me come cut a but a garham labor a mas door a to mas door co-worker milta osco vage bolte ticket is less salary or wage sat me mentioned a ticket Now coming to case study. So, it is a case study. Look carefully.

Amar, Akbar and Anthony are three friends. These three are friends. And they are pursuing different careers.

Amar is a doctor. Amar is a doctor. And he is running his own clinic. dana could cut clinic take a Akbar runs a bakery and makes breads and biscuits Akbar cake bakery hair job rates or biscuits banata this may Anthony is an IAS officer take a the Anthony IAS officer a so you are required to identify their occupation to bataya a doctor had to a profession may I go professional a ticket for us ke bad Akbar con in business man a or yeah Anthony gone hey employee sir car come take it so how many analyze Carly and next differentiate between them on the basis of transfer of interest reward and code of conduct Okay, let's see. So first of all, transfer of interest.

First of all, here he said he talked about the bakery. So, the bakery whose business is this, transfer of interest is possible with some formalities. The doctor who runs his own clinic, is the transfer of interest possible or not possible? The IAS officer, can he transfer his service contract? No, he can't.

Let's come to the reward. If someone has a bakery, makes biscuits and cakes, what will be the reward? It will be called profit.

Okay? The doctor gets student fees in return and the employee of the government, the IAS officer, salary and wage. Now third, they have said basis of differentiation code of conduct.

So, the bakery that is running, is there any code of conduct for it? No, it is according to itself, can run according to their own rules. But, the person who is a doctor and running his own clinic, then yes, there is a code of conduct for him.

The code of conduct of the Doctors Association will have to follow him. If he will not do it, then it will go according to his own rules. So, it is not allowed. For example, whenever a doctor has to do an operation, then he has to take that patient to the OTT, that means, the operation that is taking place there.

If there is a critical case, may OT available nahi hai. Okay. Aur wo doctor us patient ko jaisi entry hui on the gate he perform matlab cheer fad karna chalu kar de.

So it is not allowed. Okay. So yaha pe amne kya dekha code ek prescribed ho us asap se apko chalna padega.

Aap operate nahi kar sakte jab tak OT ready nahi hai. Pahle OT ready ho gaye phir ye ap operate karoge. So ye inka code of conduct hai.

Now employment. So bacho agar aap kahin job karte ho in future. To aapko kis ke hesap se chalna.

padega. Joe aapko employer kahega uske aasap se chalna padega. Joe unke rules hongi, jo unke terms and condition hongi.

So employment me jo code of conduct hai wo kaun te karta hai? Employer te karta hai. Kaun te karta hai?

Employer. Thike. So ye tha hamara case study. Thike. Aur bakery ka, doctors ka and employee ka.

When he was an IAS officer. Coming forward, non-economic activities. So, you might remember that I had shown you two images.

I will open the images once again. If a lady is running a tiffin system and she is getting paid for it, then what is that? It is an economic activity. But when mom is cooking for her children, then it is out of love.

It is out of love. So what is that? It is a non-economic activity. Apart from this, I gave you one more example. There is a Sardarji.

Let's say... One second. So, there is a Sardarji who has a Dhaba.

All the customers who come to his Dhaba, and whatever food he orders, he pays for it. But if that same Sardarji goes to the Gurudwara and serves, So, in return, they do not get anything. So, when they are doing seva, that is non-economic activity. But when they are cooking at a dhaba, that is economic activity.

So, now we are going to read the second economic activity of students. and non economic activities may non economic activity so the activities which are undertaken by an individual with a motive of getting psychological satisfaction are known as non economic activity as the activity Joee What we do to make our mind happy is called non-economic activities. We are doing these activities to obtain psychological satisfaction.

So, like we go to the temple, do charity, do social services, do production for self-consumption, then what is all this? Non-economic activities. Now, you must have understood that going to the temple means going to the temple, non-economic activity, you are doing charity, non-economic activities, social services, non-economic services to seek a help career oh yes he but she could free me but I really had non-economic activity the last while I a decade production for self-consumption let's suppose a farmer a what may her Kelly a he Joee crop say woke at the head take a or apne gharkeli oh god I had a man love a cell knee cart I a caja production for self-consumption so you be non-economic active because he is not selling those crops, he wants to eat for his family members, so what is that?

Self-consumption. Now, the end result of non-economic activity is not earning profit, okay? Or creation of wealth. but it gives satisfaction other co-economic non-economic activity correct those who badly make which name will rise device satisfaction key whether the activity is economic or non-economic it depends on the motive with which it is performed motive they can get free but up I think economic activity here and on economic health okay coming forward up The same activity can be economic if it result in earning money and can be non-economic if it end result is not a monetary gain. Let's suppose, if you are helping someone to cross the road, it is non-economic activity.

But if you are telling him that I will make you cross the road but I will charge you 10 rupees for it. So, he will say, okay, take 10 rupees. So, what happened? Economic activity happened. So, your motive is very important.

matter cut that up examples the away coach so students example they claim when a teacher is teaching in a school but I'll get concierge activity we economic activity he can is an economic activity because he or she gets salary teacher go camel rice salary teaching and when the teacher is teaching his or her son at home I got what each other up my beta cooper are a hey garpey take it to look a huga yeah hugi non economic activity koki but chicken panicky apne khud ke bache ko padhane ke liye, sodhi na kuch charge karenge. So, then it is a non-economic activity. He or she will not get any monetary benefit for teaching son. Up, niche likha hai in the same way.

Farmer is producing crop for selling. I gave you an example. If a farmer is producing crops for selling, then what will happen?

Economic activity. If he is producing for self-consumption, then it will be non-economic activity. Okay?

Let's move ahead. Difference between economic and non-economic activity. First of all, motive. What is the motive of economic activity?

That money is earned in return. So, earning money. Or creation of wealth motive.

What is the motive of non-economic activities? Social or psychological satisfaction. The mind becomes happy by doing non-economic activities. Then expectation.

So in economic activity, money income is expected from these activities. non-economic activities money income expected nahi hoti hai. Phir purpose, so purpose kya hai economic activities ka ki wealth generate ho, yaane paise aaye, theek hai. Aur yahan pe purpose kya hai psychological satisfaction any one question that we have a charity the under arm yes up career outcome economic activity outcome chaotic I say milta ticket outcome kaha production of goods and service take a yeah top goods produce curtail services yeah goods up purchase car case Elgar the to be economic activity oti a crop suck up a gara hope for selling to work a production of goods take a so outcome kota production The outcome of non-economic activity is mental satisfaction.

If you help someone, if you cook food for your child, then they get mental satisfaction that if they are eating with my hands, they will feel good. The examples of economic activities are business, profession, employment. The examples of non-economic activities are family-oriented activities, religious, like going to temple, social service, helping someone in crossing the road, and patriotic activities, doing something for the country. Okay, here I can give you an example students.

As you know, in the year 2018, when floods came in different regions of India, people started to take care of themselves. They were the strong men of the colonies. They filled water in the entire area. They built their own ships. They went to each house.

They gave their belongings to each house. They were serving the country. They were serving the people of the country.

Because they were from the army background. So, family oriented activities, religious, social service, patriotic activities, all these are known as non-economic activities. Now, human activities are of two types, economic, non-economic, which I told you, business, profession, employment are our economic activities and religious, parental and social are our non-economic activities. Jumaine aapko abhi samjaya pura. So students that's all for today's video.

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Transcript for:Understanding the Concept of Business

Transcript for:
Understanding the Concept of Business