Question

Distinguish between economic and non-economic wants.plz answer my question

Answer 1

Following are the main points of difference between economic activities and non economic activities:

Economic Activities:

1. Economic activities lead to an increase in the personal income of the individual.

2. Economic activities contribute to the flow of goods and services in an economy.

3. These add value to the national income.

Non economic activities:

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 services in an economy.

3. These do not add any value to the national income.

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Hope this will help you....

Answer 2

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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