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What is the difference between economic and non economic activities ? Give 5 points each in contrast.
Most Upvoted Answer
What is the difference between economic and non economic activities ? ...
Economic activities contribute to the flow of goods and services in an economy.these add value to the national income.Non economic activities do not contribute to the flow of goods and services in an economy.These do not add any value to the national income3rd point is examples of each like trade and govt service is economic and making chappati is non economic .
Community Answer
What is the difference between economic and non economic activities ? ...
Economic Activities:

Economic activities refer to any activities that involve the production, distribution, and consumption of goods and services. These activities are undertaken with the aim of earning income or making a profit. Here are five points that highlight the differences between economic and non-economic activities:

1. Purpose:
- Economic activities are performed with the primary goal of generating income or maximizing profit.
- Non-economic activities, on the other hand, are carried out for personal satisfaction, social welfare, or cultural reasons, without any direct financial gain as the main objective.

2. Exchange of Goods and Services:
- Economic activities involve the exchange of goods and services for monetary value or other economic benefits.
- Non-economic activities do not involve any exchange of goods or services for monetary value. They are often performed for personal fulfillment or to contribute to the community without any direct economic motive.

3. Market Transactions:
- Economic activities are typically conducted within the framework of a market economy, where goods and services are bought and sold through market transactions.
- Non-economic activities are not necessarily governed by market forces and may not involve any market transactions. They are often based on social or cultural norms and values.

4. Factor of Production:
- Economic activities require the use of various factors of production such as land, labor, capital, and entrepreneurship to produce goods and services.
- Non-economic activities may not necessarily require the use of factors of production. They can be based on personal skills, talents, or contributions without the need for extensive resources.

5. Measurement of Value:
- Economic activities are quantifiable and measurable in terms of monetary value. The value of goods and services produced or exchanged can be assessed using monetary units.
- Non-economic activities are often intangible and not easily measured in monetary terms. Their value is often subjective and cannot be accurately quantified using monetary units.

In conclusion, economic activities are primarily driven by the objective of generating income and involve the exchange of goods and services for monetary value. Non-economic activities, on the other hand, are performed for personal satisfaction, social welfare, or cultural reasons, without a direct focus on financial gain. The distinction between economic and non-economic activities lies in their purpose, exchange mechanisms, market involvement, utilization of factors of production, and the measurability of value.
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What is the difference between economic and non economic activities ? Give 5 points each in contrast.
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