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What is an example of an economic activity in a household setting?
- a)Parents helping children with homework
- b)Cooking meals for the family
- c)Running a home-based business
- d)Cleaning the house
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
What is an example of an economic activity in a household setting?a)Pa...
Understanding Economic Activities in a Household
In a household setting, various activities can take place, but not all qualify as economic activities. An economic activity typically involves the production, distribution, or consumption of goods and services. Let's break down the options given to clarify why option 'C' is the correct answer.
Option A: Parents Helping Children with Homework
- This activity is educational rather than economic.
- It involves sharing knowledge and skills without any financial transaction.
Option B: Cooking Meals for the Family
- While cooking is essential for daily living, it is primarily a domestic task.
- It does not involve the exchange of goods or services in a market context.
Option C: Running a Home-Based Business
- This is a clear example of an economic activity.
- It involves producing goods or services with the intention of making a profit.
- Home-based businesses can include anything from crafting to consulting, showcasing a direct involvement in the economy.
Option D: Cleaning the House
- Similar to cooking, cleaning is a necessary household chore.
- It does not involve any market transaction or economic exchange.
Conclusion
Among the options, only running a home-based business (Option C) constitutes an economic activity as it actively engages in the economy through the production and sale of goods or services, contributing to economic growth and personal income.
In a household setting, various activities can take place, but not all qualify as economic activities. An economic activity typically involves the production, distribution, or consumption of goods and services. Let's break down the options given to clarify why option 'C' is the correct answer.
Option A: Parents Helping Children with Homework
- This activity is educational rather than economic.
- It involves sharing knowledge and skills without any financial transaction.
Option B: Cooking Meals for the Family
- While cooking is essential for daily living, it is primarily a domestic task.
- It does not involve the exchange of goods or services in a market context.
Option C: Running a Home-Based Business
- This is a clear example of an economic activity.
- It involves producing goods or services with the intention of making a profit.
- Home-based businesses can include anything from crafting to consulting, showcasing a direct involvement in the economy.
Option D: Cleaning the House
- Similar to cooking, cleaning is a necessary household chore.
- It does not involve any market transaction or economic exchange.
Conclusion
Among the options, only running a home-based business (Option C) constitutes an economic activity as it actively engages in the economy through the production and sale of goods or services, contributing to economic growth and personal income.
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Community Answer
What is an example of an economic activity in a household setting?a)Pa...
Running a home-based business is an economic activity because it involves producing goods or services that are sold for money, generating income for the household.
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