Q1. Differentiate between economic and non- economic activities.Give 5...
**Differentiating between Economic and Non-economic Activities**
Economic activities refer to those activities that involve the production, distribution, and consumption of goods and services with the aim of earning income or making a profit. On the other hand, non-economic activities are those activities that are not performed with the intention of earning income or making a profit, but rather for personal satisfaction or social welfare.
**Examples of Economic Activities:**
1. **Manufacturing**: This involves the production of goods using raw materials and labor. Examples include the manufacturing of cars, electronics, clothing, etc.
2. **Retail Trade**: This involves the buying and selling of goods to consumers. Examples include supermarkets, department stores, and online retailers.
3. **Agriculture**: This involves the cultivation of crops and the rearing of animals for food production. Examples include farming of crops like wheat, rice, and corn, as well as livestock farming.
4. **Transportation**: This involves the movement of goods and people from one place to another. Examples include airlines, railways, trucking companies, and taxi services.
5. **Banking and Finance**: This involves various financial activities such as lending, borrowing, investing, and providing financial services. Examples include commercial banks, investment banks, insurance companies, and stock exchanges.
**Examples of Non-economic Activities:**
1. **Household Chores**: These are activities performed within the household for personal satisfaction and do not involve any monetary transactions. Examples include cooking, cleaning, laundry, and gardening.
2. **Volunteer Work**: This involves offering services without any expectation of monetary compensation. Examples include volunteering at a charity organization, participating in community service projects, or helping out at a local shelter.
3. **Education**: While education can also be an economic activity (e.g., private schools), activities like self-study, learning for personal development, or teaching someone without charging fees can be considered non-economic.
4. **Recreational Activities**: These activities are undertaken for enjoyment and leisure, such as playing sports, going to the movies, or attending concerts.
5. **Creative Pursuits**: Engaging in activities like painting, writing, composing music, or creating artwork for personal satisfaction rather than for commercial gain falls under non-economic activities.
In conclusion, economic activities are primarily driven by the motive of earning income or making a profit, while non-economic activities are driven by personal satisfaction, social welfare, or leisure. It is important to note that some activities can fall into both categories, depending on the context and purpose of the activity.