Question

Diffrentiate btw economic activities and non economic activities

Answer 1

Your answer is in the attachment

Answer 2

The difference between economic and non-economic activities can be drawn clearly on the following grounds:

1..An activity related to production and consumption of goods and services for economic gain is known as economic activities. An activity performed gladly, with the aim of providing services without any regard to monetary gain is known as the non-economic activity.
2...Economic activities are performed for economic motive, i.e. earning profit. On the other hand, non-economic activities are performed due to social or psychological reasons, i.e. out of love, affection etc.

3....The measurement of economic activities is in monetary terms, whereas non-economic activities lack money measurement.

4..Economic activities have a pragmatic approach, in essence, it deals with things in a practical way. As against this, non-economic activities have an idealistic approach wherein more importance is given to human values instead of money

5...Economic activities result in creation and accumulation of wealth as they are done to earn profit. Unlike non-economic activities which result in mental satisfaction and happiness.
6..Economic activities are very important for the economy as they add value to the country’s gross domestic product (GDP). As opposed to non-economic activities, which have no influence over country’s national income.



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