explain the economic activities
Answers
- Economic activity is an activity of providing, making, buying or selling commodities or services by people to satisfy day-to-day needs of life. Any activity that includes manufacturing, distributing or utilising products or services.
Answer:
All humans perform a variety of activities on any given day. There is work that we do every day and other activities we do for personal fulfilment and joy. So as a general rule, we can say that all the activities we do to earn a living are economic activities. All other activities are non-economic activities.
One way to identify economic activities is that they are driven by rationality and logic. The reason for performing such activities is for our own self-interest. We will gauge what returns we get in exchange for performing such activities. Non-economic activities, on the other hand, are done for emotional reasons or concern for another person. So all religious, charitable, social, patriotic, recreational activities are non-economic activities.
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