Question

Define the following: 1. economic activities 2. non-economic activities 3. market activities 4. non-market activities

Answer 1

1.Economic activity is an activity that aims at production, processing, packaging, selling, distribution, purchase and consumption of goods and services as well as money and wealth with a view to fulfilling some wants/ needs on commercial or self-reliance basis.

2.Activities which are undertaken to satisfy social, religious cultural and sentimental requirements are called non-economic activities.

3.Marketing are activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people.

4.non market activities are the production for self- consumption and processing of primary product and own account production of fixed assets