Question

5 differences between economic and non economic activities
answer only if u know

Answer 1

BASIS FOR COMPARISON ECONOMIC ACTIVITY NON-ECONOMIC ACTIVITY

Meaning Economic activity refers to a human activity related to production and consumption of goods and services for economic gain. Non-economic activity is an activity performed gladly, with the aim of providing services to others without any regard to monetary gain.

Motive Economic, i.e. to earn money. Social or psychological, i.e. out of love, affection, etc.

Money measurement Measured in monetary terms. Lacks money measurement.

Approach Pragmatic Idealistic

Results in Creation of wealth and assets. Satisfaction and happiness.

National Income Adds value to national income. Does not affects national income.

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Answer 2

The main difference between economic and non-economic activities lies in the fact that the economic activities are carried out to satisfy human needs, whereas non-economic activities are performed for gaining psychological satisfaction.

The difference between economic and non-economic activities can be drawn clearly on the following grounds:
1. An activity related to production and consumption of goods and services for economic gain is known as economic activities. An activity performed gladly, with the aim of providing services without any regard to monetary gain is known as the non-economic activity.
2. Economic activities are performed for economic motive, i.e. earning profit. On the other hand, non-economic activities are performed due to social or psychological reasons, i.e. out of love, affection etc.

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

4. Economic activities have a pragmatic approach, in essence, it deals with things in a practical way. As against this, non-economic activities have an idealistic approach wherein more importance is given to human values instead of money.

5. Economic activities result in creation and accumulation of wealth as they are done to earn profit. Unlike non-economic activities which result in mental satisfaction and happiness.