Difference between economic activity and non economic activity
Answers
What are the Economic Activities?
Economic activity is an activity of providing, making, buying or selling commodities or services by people to satisfy day-to-day needs of life. Any activity that includes manufacturing, distributing or utilising products or services.
In fact, whatever that involves money or the exchange of products or services are economic activities. The three types of economic activities are.
Business – This economic activity provides goods and services to satisfy human needs on a daily basis with the aim of earning profits.
Profession – It can also be defined as an occupation or a professional job that offers specialized services in return for professional charges.
Employment – The activity is based on a contract between the company and the employee. Here, the employee performs duties for the company, and are paid(wages or salary) in return.
Features of Economic activities
Earning motive
Utility creation
Satisfaction
Measurement
Additional link: What is Demand?
What are the Non-Economic Activities?
Non-economic activity is an activity performed with the purpose of rendering services to others without any consideration to financial gain. Those activities which are initiated for personal content or to meet human sentiments are non-economic activities.
Some common examples of non-economic activities are.
Free -Time Activities – Its only aims at acquiring pleasure in idle time. For instance, painting and signing etc.
Family-Commitment Activities – This activity is dedicated and inspired by family. For example, a teacher education to her/his own child at home and a doctor consulting his family etc.
Cultural and Religious Activities – The activity includes happiness and mental. Example, e.g. worshipping God and visiting the temple etc.
Social Welfare Activities – It is based on a passionate feeling of helping or sympathizing towards others. Such as a donation to underprivileged, participation on relief camp to help people affected by war, natural calamities etc.
Features of Non- Economic Activities
Service motive
Self-satisfaction
Non-measured in money
Social obligation
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Explanation:
economic activity is that activity which is done to earn money. example business non economic activity is that activity which is not done for earn money .example caring of child by mother