Question.
What is the difference between economic activities and non-economic activities?
What is the difference between economic activities and non-economic activities?
Solution:
Activities that add value to the national income are called economic activities. These have two parts − market activities (production for pay or profit) and non-market activities (production for self consumption).
Non-economic activities are the ones that do not add to the national income; for example, an individual performing domestic chores.
Activities that add value to the national income are called economic activities. These have two parts − market activities (production for pay or profit) and non-market activities (production for self consumption).
Non-economic activities are the ones that do not add to the national income; for example, an individual performing domestic chores.