Question

Economic and Non-Economic system
​

Answer 1

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.

Answer 2

Answer:

Thus, the term exchange in monetary system is known as 'Product Pricing. ' Hence, all the activities related with the production, consumption, distribution and exchange of all goods and services which possess utility and scarce in nature are considered as economic activities.