write any three differences between economic and non economic activity
Answers
Answer:
Business is defined as an economic activity that comprises of the exchange, purchase, sale or production of goods and services with a motive to earn profits and satisfy the needs of customers. Businesses can be run by both profit or non-profit organizations that function to gain profits or achieve a social cause respectively.
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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.