Question

Aims and objective of classification of family activities into monetary and non monetary

Answer 1

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The family activities can be classified on the basis of monetary and non-monetary benefits.

The non-monetary activities represent the family work which does not involve any direct monetary benefits. These activities include work like domestic work, household care and civic activities which although do not have any monetary value, are still a vital and an important part of the economy. Most of the non-monetary activities are classified as domestic work or civic work. It may include parameters like status, recognition, appreciation, delegation, work-life balance, work condition, etc.

In regard to the current situation of the economy, the work and the activities that result in direct monetary compensation seem to be more valued than the unpaid work. The factors for monetary activities include financial parameters like - Salary, financial incentives, bonus, sharing of profits, commissions, stock option, etc. 

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