Question

Distinguish between economic and non economic activity

Answer 1

Answer:

The activities we do for the purpose of money are called economic activity.

The activities we do not for the purpose of money are called non economic activity

Answer 2

Answer:

Non-Economic :

1. Non - Economic activities do not increase the personal income of an individual.
2. Non - Economic activities do not contribute to the flow of goods and service in an economy.
3. These do not add any value to the National income.

Economic :

1. Economic activities lead to an increase in the personal income of an individual.
2. Economic activities contribute to the flow of goods and service in an economy.
3. These add value to the National income.

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