What is Self-consumption is calleda)non-production activityb)non-marke...
Self-consumption is a process of generating and consuming energy on-site by the owner of the energy source. This practice is gaining popularity as a means of reducing energy bills and promoting sustainability. Self-consumption can be achieved through renewable energy sources such as solar panels, wind turbines, and hydroelectricity.
Non-economic Activity
Self-consumption is considered a non-economic activity because it is not performed for profit or commercial gain. The energy generated is used solely for personal consumption, and there is no intention to sell it to others. As such, it is not subject to market forces or economic considerations.
Benefits of Self-consumption
Self-consumption offers several benefits, including:
1. Reduced energy bills: By generating energy on-site, homeowners can reduce their reliance on grid electricity, which can lead to significant cost savings over the long term.
2. Increased energy independence: Self-consumption promotes energy independence by reducing dependence on external sources of energy.
3. Environmental sustainability: Renewable energy sources such as solar and wind power are clean and sustainable, making self-consumption an environmentally friendly option.
Conclusion
Self-consumption is a non-economic activity that promotes energy independence, cost savings, and environmental sustainability. As the cost of renewable energy technologies continues to fall, self-consumption is expected to become more accessible and widespread. Governments can play a role in promoting self-consumption by providing incentives and support for renewable energy development.
What is Self-consumption is calleda)non-production activityb)non-marke...
Self-consumption is called non-market activity.
This is because it refers to the production of goods and services for one's own use, rather than for sale or trade in the market. This includes activities such as growing your own food, building your own house, or making your own clothes. These activities do not involve market transactions and are therefore considered non-market activities.