Fundamentals of Business Activities Test 24

Any kind of actions performed by human beings are known as Human activities. Those works which are performed by human beings in order to satisfy their needs are known as human activities. Example: a lecturer teaches in the college, farmers work in the field, workers work in industries these are related with human activities. On the basis of nature of work human activities can be classified into economic activities and non-economic activities.

Full employment refers to the situation when all the people who are willing to work in the economy at a prevailing wage rate are getting work and are employed to produce the desired level of output in the economy. 

Frictional unemployment is an unemployment situation where people are not unemployed owing to not getting any job but they are unemployed because they are searching for a new job or they are getting transferred from one employment to the other. Frictional unemployment remains consistent with full employment if it is at a rate of 3-4% of the full employment. 

The term "service sector" refers to a monetary sector that, unlike cultivation and industry, produces no goods, but provides a service that satisfies a need. Education, health, finance, government, transportation, and trade are service sectors.

The service sector provides services, rather than producing material commodities. presentation in the service segment contain retail, banks, hotels, real estate, education, health, social work, computer services, recreation, media, infrastructure, electricity, gas and water supply.

Thus, the correct option is C.

The measurement of economic activities is in monetary terms, whereas non-economic activities lack money measurement. 

The time rate system is that system of wage payment in which the workers are paid on the basis of time spent by them in the factory. ... Hence, according to this system, wages are paid on hourly, weekly or monthly basis. Under time rate system, the wages earned by a worker is determined by using the following formula. Time” is made a basis for determining wages of worker. Under this system, the wages are paid according to the time spent by workers irrespective of his output of work done. The wage rates are fixed for an hour, a day, week, a month or even a year (seldom used). This time rate system calculation is based on the working hours of the employee, that is the amount of time spent on the work along with the amount of work delivered within the specific period of time.