Question

Identify the correct statement/s about the economic activities

1. These activities add value to the national income
2. It has two parts — market activities and non-market activities
3. These activities result in the production of goods and services
4. Only educated people perform economic activities

Answer 1

Answer:

Market activity refers to the economic activity which includes the production and consumption of goods. These are performed for pay or profit. For example a teacher training in a school, a man working in the bank.

Non-marketing activities include things which are not economic and comprises of the exchange system. These are performed for self-consumption. For example subsistence farming, processing of primary products, etc.