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Which of the following is an example of an economic activity?
- a)Cooking food for family
- b)Teaching children at a community center for free
- c)Selling vegetables in the market
- d)Cleaning the house
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Which of the following is an example of an economic activity?a)Cooking...
Understanding Economic Activities
Economic activities are actions that involve the production, distribution, and consumption of goods and services. These activities usually have a monetary aspect, where individuals or businesses engage in transactions that generate income or profit.
Examples of Economic Activities
- Cooking food for family: This activity is primarily personal and does not involve any exchange of money or goods outside the household. It is not considered an economic activity because it does not contribute to market transactions.
- Teaching children at a community center for free: While teaching is a valuable service, if it is done without payment, it is classified as a voluntary or non-economic activity. There is no financial transaction involved here.
- Selling vegetables in the market: This is a clear example of an economic activity. Selling vegetables involves exchanging goods for money, contributing to the economy. This action generates income for the seller and provides food to consumers, thereby fulfilling a market need.
- Cleaning the house: Similar to cooking for family, cleaning the house is a personal activity that does not involve any economic transaction. It does not contribute to the market or generate income.
Conclusion
In summary, option 'C', selling vegetables in the market, is the correct answer as it represents an economic activity involving a financial transaction that benefits both the seller and the buyer. Understanding these distinctions helps clarify the role of various activities in the economy.
Economic activities are actions that involve the production, distribution, and consumption of goods and services. These activities usually have a monetary aspect, where individuals or businesses engage in transactions that generate income or profit.
Examples of Economic Activities
- Cooking food for family: This activity is primarily personal and does not involve any exchange of money or goods outside the household. It is not considered an economic activity because it does not contribute to market transactions.
- Teaching children at a community center for free: While teaching is a valuable service, if it is done without payment, it is classified as a voluntary or non-economic activity. There is no financial transaction involved here.
- Selling vegetables in the market: This is a clear example of an economic activity. Selling vegetables involves exchanging goods for money, contributing to the economy. This action generates income for the seller and provides food to consumers, thereby fulfilling a market need.
- Cleaning the house: Similar to cooking for family, cleaning the house is a personal activity that does not involve any economic transaction. It does not contribute to the market or generate income.
Conclusion
In summary, option 'C', selling vegetables in the market, is the correct answer as it represents an economic activity involving a financial transaction that benefits both the seller and the buyer. Understanding these distinctions helps clarify the role of various activities in the economy.
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Community Answer
Which of the following is an example of an economic activity?a)Cooking...
Selling vegetables in the market is an economic activity because it involves the exchange of goods for money, generating income for the seller. Economic activities are those that provide monetary value.
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Which of the following is an example of an economic activity?a)Cooking food for familyb)Teaching children at a community center for freec)Selling vegetables in the marketd)Cleaning the houseCorrect answer is option 'C'. Can you explain this answer?
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