Question

Describe whether the following transactions are economic or non-economic transactions and Clarify the reason for it. 1. Assets purchased for Rs. 10,000. 2. Assets sold for Rs. 20,000. 3. An order is received to supply goods of Rs.15,000.

Answer 1

Answer:

These all are economic activity because the features in economic activity tells that there should be production of goods and services, sales of goods and services and all these things are mentioned in this transaction

Hence these all are economic activity