Question

how do production and exchange play a very important role in our daily life?? small answer with meaningful sentence​

Answer 1

Answer:

The production, distribution and consumption of goods and services involve economic activities. Agriculture and industry produce different goods and services which need to be consumed.

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Answer 2

We all have heard the saying “All work and no play makes Jack a dull boy”. But how do we categorize what is work and what is play? In economics, we categorize all human activities into two broad categories – economic activities and non-economic activities. Let us take a look at the meaning and some examples of economic activities.

What are Economic Activities?

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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