What is an example of an economic activity in a household setting?a)Parents helping children with homeworkb)Cooking meals for the familyc)Running a home-based businessd)Cleaning the houseCorrect answer is option 'C'. Can you explain this answer?

Question

Answer

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.

Answer

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.

Answer

Understanding Economic Activity in Households
In a household setting, various activities take place, but not all qualify as economic activities. Let's break down the options provided:
Option A: Parents Helping Children with Homework
- This activity is educational and supportive but does not involve the exchange of goods or services for money.
Option B: Cooking Meals for the Family
- While cooking is essential for daily living, it is primarily a domestic task aimed at fulfilling family needs rather than generating income.
Option C: Running a Home-Based Business
- This is the correct answer. A home-based business involves producing goods or providing services with the intention of making a profit.
- Examples include selling homemade crafts, offering tutoring services, or providing digital marketing services.
- This activity contributes to the economy by creating income and potentially employing others.
Option D: Cleaning the House
- Cleaning is a necessary household chore but does not generate revenue or economic growth. It’s a personal responsibility rather than an economic activity.
Conclusion
In summary, running a home-based business stands out as the only genuine economic activity among the options given. It involves financial transactions and contributes to the economy, making it a vital component of both household and broader economic systems.

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