difference Between economic and non economic activity. explain with example.
Answers
Answer:
Economic activity refers to a human activity related to production and consumption of goods and services for economic gain. Non-economic activity is an activity performed gladly, with the aim of providing services to others without any regard to monetary gain. Social or psychological, i.e. out of love, affection, etc.
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Explanation:
Every human being keeps himself occupied in some activity to satisfy human wants; such activities are known as human activities. These activities are broadly classified as economic and non-economic activities. While economic activities are those conducted with an aim of earning money or acquiring wealth, non-economic activities are performed free of cost, with service motive.
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. So, check out this article to get some more differences amidst these two types of human activities.
Comparison Chart
BASIS FOR COMPARISON ECONOMIC ACTIVITY NON-ECONOMIC ACTIVITY
Meaning Economic activity refers to a human activity related to production and consumption of goods and services for economic gain. Non-economic activity is an activity performed gladly, with the aim of providing services to others without any regard to monetary gain.
Motive Economic, i.e. to earn money. Social or psychological, i.e. out of love, affection, etc.
Money measurement Measured in monetary terms. Lacks money measurement.
Approach Pragmatic Idealistic
Results in Creation of wealth and assets. Satisfaction and happiness.
National Income Adds value to national income. Does not affects national income.