Question

Difference between economic and non economic activities?​

Answer 1

Economic activities:

• 1) Economic activities refers to a human activity related to production & consumption of goods & services for economic gain.

• 2) Economic motive is to earn money.

• 3) Money is measured in monetary terms.

Non-economic activities:

• 1) Non-economic motive is social or psychological.

• 2) Money lacks in measurement.

• 3) It results in satisfaction & happiness.

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Answer 2

Answer ⬇️

• 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.

⬇️Definition ⬇️

Economic activity ⬇️

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.

Non economic activity ⬇️

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.

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