Question

why we do not study non economic activity in economics.

Answer 1

Economic Activities -

Are undertaken to create something useful, which can be sold or exchanged for something else.

Are performed with the motive of earning income or profit.

Are measured in monetary terms.

Results in creation and accumulation of wealth as they are done to earn profits.

Important for economy as they add value to country’s national income.

A teacher teaching in school for income is an economic activity.

Non Economic Activities -

Are undertaken with the aim to provide services without any regard to monetary gain.

Are performed due to social or psychological reasons like love, affection etc.

No money measurement. Are performed free of cost.

Results in mental satisfaction and happiness.

Have no direct influence on country’s national income.

A teacher teaching her child at home out of love is a non economic activity.

Answer 2

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Economics is a social science and man is a social being. Hence, within an economy every person has to perform several activities either to earn money or to satisfy various wants.

These include cultivation and farming, industrial works, teaching, marketing, washing clothes etc. Thus, all these activities are performing to earn money in order to satisfy several wants and to maintain a peaceful and comfortable life.

Therefore, we can say that, activities which are performed with a view to earning wealth or income are called economic activities. Economics deals with all the economic activities of men. In our daily life, we are engaged in several activities related with earning and spending of money (income or wealth) to satisfy our unlimited wants. These are all the economic activities.
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