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What is the primary difference between market and non-market activities?
  • a)
    Market activities are performed for pay or profit, while non-market activities are for self-consumption
  • b)
    Market activities require more skill than non-market activities
  • c)
    Non-market activities involve production for sale, while market activities are for personal use
  • d)
    Market activities are not recognized in national income calculations, while non-market activities are
Correct answer is option 'A'. Can you explain this answer?
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What is the primary difference between market and non-market activitie...
The primary difference is that market activities are performed for pay or profit, such as producing goods or services that are sold, while non-market activities are conducted for self-consumption, like home-based tasks. Market activities contribute to national income, while non-market activities do not directly impact it.
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What is the primary difference between market and non-market activitie...
Primary Difference between Market and Non-market Activities:
Market activities are performed for pay or profit, while non-market activities are for self-consumption. This key difference sets the two types of activities apart from each other.

Market Activities:
- Market activities involve the production of goods or services that are intended for sale in the market.
- These activities are performed with the goal of earning a profit or monetary compensation.
- Examples of market activities include working for a company, selling products, providing services for a fee, etc.

Non-market Activities:
- Non-market activities are those activities that are performed for personal use or consumption, rather than for sale in the market.
- These activities may include household chores, gardening for personal enjoyment, cooking for oneself, etc.
- Non-market activities do not involve monetary transactions or the exchange of goods and services for profit.
In summary, market activities are characterized by the exchange of goods and services for pay or profit, while non-market activities are focused on self-consumption and personal use.
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Read the text given below and answer the following questions:Palampur is well-connected with neighbouring villages and towns. Raiganj, a big village, is 3 kms from Palampur. An all-weather road connects the village to Raiganj and further on to the nearest small town of Shahpur. This village has about 450 families belonging to several different castes. The 80 upper caste families own the majority of land in the village. Their houses, some of them quite large, are made of brick with cement plastering. The SCs (dalits) comprise one third of the population and live in one corner of the village and in much smaller houses some of which are of mud and straw. Most of the houses have electric connections. Electricity powers all the tube wells in the fields and is used in various types of small business. Palampur has two primary schools and one high school. There is a primary health centre run by the government and one private dispensary where the sick are treated. The story of Palampur, an imaginary village, will take us through the different types of production activities in the village. In villages across India, farming is the main production activity. The other production activities, referred to as non- farm activities include small manufacturing, transport, shop-keeping, etc. Every production is organised by combining land, labour, physical capital and human capital, which are known as factors of production.Q. Which of the following statement is true with respect to Palampur

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What is the primary difference between market and non-market activities?a)Market activities are performed for pay or profit, while non-market activities are for self-consumptionb)Market activities require more skill than non-market activitiesc)Non-market activities involve production for sale, while market activities are for personal used)Market activities are not recognized in national income calculations, while non-market activities areCorrect answer is option 'A'. Can you explain this answer?
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