Question

The activities which are related to production and consumption of goods and services for economic gain are known as

Answer 1

Answer:

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.

Explanation:

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Answer 2

Answer:

An Economic activities.

Explanation:

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.

A region's economy refers to a variety of activities involved in the creation, circulation, and consumption of products and services. Careful resource management is fundamental to economics.

Because it is based on a nation's daily activities, which are quite dynamic and continue to evolve every single day, economics is very dynamic in nature. This is the basis for the definition of economic laws as generalizations based on trends rather than strict restrictions.

Hence, The activities which are related to production and consumption of goods and services for economic gain are known as an Economic activities.

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