Explain the concept of economic and non economic activities .Which types of activities are classified as economic and non economic activities?
Answers
Answer:
These refer to activities that include providing services to others without any expectation of monetary gain. Primary motive of economic activities is creation of wealth and earning financial remuneration. Non-economic activities are usually socially binding or undertaken for psychological satisfaction.
Explanation:
Economic activities:
1) Economic activities refers to a human activity related to production & consumption of goods & services for economic gain.
2) Economic motive is to earn money.
3) Money is measured in monetary terms.
4) It results in creation of wealth & assets.
Non-economic activities:
1) Non-economic activity refers to a activity performed with the aim of providing services to others without any regard to monetary gain.
2) Non-economic motive is social or psychological.
3) Money lacks in measurement.
4) It results in satisfaction & happiness.
Answer:
Four Types of Economic Activities
Primary activities.
Secondary Activities.
Tertiary activities.
Quaternary services.