Question

what is the difference and definitions of economic and non economic activities

Answer 1

Every human being keeps himself occupied in some activity to satisfy human wants; such activities are known as human activities. These activities are broadly classified as economic and non-economic activities. While economic activities are those conducted with an aim of earning money or acquiring wealth, non-economic activities are performed free of cost, with service motive.

The main difference between economic and non-economic activities lies in the fact that the economic activities are carried out to satisfy human needs, whereas non-economic activities are performed for gaining psychological satisfaction. So, check out this article to get some more differences amidst these two types of human activities.

Content: Economic Activities Vs Non-Economic Activities

Comparison Chart

Definition

Key Differences

Conclusion

Comparison Chart

BASIS FOR COMPARISONECONOMIC ACTIVITYNON-ECONOMIC ACTIVITYMeaningEconomic activity refers to a human activity related to production and consumption of goods and services for economic gain.Non-economic activity is an activity performed gladly, with the aim of providing services to others without any regard to monetary gain.MotiveEconomic, i.e. to earn money.Social or psychological, i.e. out of love, affection, etc.Money measurementMeasured in monetary terms.Lacks money measurement.ApproachPragmaticIdealisticResults inCreation of wealth and assets.Satisfaction and happiness.National IncomeAdds value to national income.Does not affects national income.

Definition of Economic Activities

Economics activities are those activities which are associated with the production, exchange, distribution, and consumption of merchandise, at every level of the society. These activities are performed with the sole aim of earning money and producing wealth, to satisfy human wants, with limited resources. These activities form a basis for the economic development of the country as it adds value to the gross domestic product.

Economic activities are classified as business, profession and employment. Business is an activity which involves production and distribution of goods and services, for profit. The profession is related to the services provided by profession for monetary compensation called fee. Employment refers to an occupation in which a person works for another person for salary or wages.

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Answer 2

Economic activities are the activities which adds value to the national Income. It gives money or income to the person who performs this activity.
For eg. Teacher teaches a student
Non-economic activities are the activities which doesn't add value to the national Income. they are performed for self-consumption and charity. It doesn't gives money to the person who performs this activity.
for eg. A mother teaches her own child.