Self-consumption is:a)Non-market activity b)Economic activityc)Product...
Self-consumption is a non-market activity. It refers to the production of goods or services by individuals or households for their own personal use, rather than for sale or exchange in the market. In other words, it is the act of producing or consuming goods and services for one's own immediate needs and satisfaction, without involving any monetary transactions or market exchanges.
**Understanding Self-Consumption:**
Self-consumption can be seen in various aspects of our daily lives. For example, when individuals grow their own vegetables in their backyard and consume them without selling them in the market, it is an example of self-consumption. Similarly, when households bake bread at home for their own consumption, it is another example of self-consumption.
**Characteristics of Self-Consumption:**
1. **No Market Exchange:** Self-consumption does not involve any market transactions or exchanges. The goods or services produced through self-consumption are solely intended for personal use and satisfaction.
2. **Non-Monetary:** Self-consumption does not involve the use of money. Individuals or households produce goods or services using their own resources, such as time, labor, and personal skills.
3. **Immediate Needs:** The goods or services produced through self-consumption are typically consumed immediately by the individuals or households who produce them. They are not produced with the intention of storing or selling them in the future.
**Examples of Self-Consumption:**
1. **Home Gardening:** When individuals grow fruits, vegetables, or herbs in their own gardens and consume them for personal use, it is an example of self-consumption.
2. **Home Cooking:** When households prepare meals at home using ingredients bought from the market or produced by themselves, and consume them without selling them, it is an example of self-consumption.
3. **DIY Projects:** When individuals engage in do-it-yourself projects, such as crafting, repairing, or building something for their own use, without intending to sell it, it is an example of self-consumption.
**Conclusion:**
Self-consumption is a non-market activity where individuals or households produce goods or services for their own personal use, without involving any market exchanges or monetary transactions. It is an essential aspect of our daily lives and contributes to self-sufficiency and personal satisfaction.
Self-consumption is:a)Non-market activity b)Economic activityc)Product...
I think it's a) non farm activity.
hope this answer helps you out
yes because
the self consumption means we consume it not to sell that in market.
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