Question

Distinguish between Economic and Non-economic activities on the basis of (i) Purpose (ii) Outcome

Answer 1

Answer:

                                         Economic Activities

Purpose - It involves earning of money. So, it refers to the human activity which involves production and consumption of goods to provide with economic profit.

Outcome- The outcome of this type of activities include lots of wealth and assets.

                                         Non Economic Activities

Purpose- It is defined as the aim to provide services without involving monetary gain. Its purpose is to help socially or out of love.

Outcome- The outcome is that, as the non economic activity does not involve monetary gain so it results in happiness and satisfaction.