What are the differences between economic and non economic activities?

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Answer

In short we can say that, Economic activities are those activities which are done to earn livelihood or income i.e factory workers work in a factory,teachers teaching in a school etc. Non - Economic activities are those activities which are not done to generate income but it is carried out by emotions i.e mother cooks the food for family, teacher teaches her own children etc. I HOPE THIS ANSWER IS HELPFUL TO U. keep Smiling. .......... stay motivated ..!

Answer

The activities undertaken with the main aim of earning money and creation of wealth are known as Economic activities e.g.,working in a factory ,running a shop etc. Non economic activities are those performed out of love, sympathy , sentiment , etc. E.g.social service , charity , visiting temple , etc.

Answer

Differences between Economic and Non-economic Activities:

Economic and non-economic activities are two distinct categories of activities that play a vital role in our daily lives. While economic activities are primarily concerned with the production, distribution, and consumption of goods and services for monetary gain, non-economic activities are motivated by personal satisfaction and do not involve any monetary transactions. Let's explore the differences between these two categories in detail:

1. Nature:
- Economic Activities: These activities are driven by the motive of earning income or making a profit. They involve the production, distribution, and consumption of goods and services with the intention of generating monetary gains.
- Non-economic Activities: These activities are driven by personal interests, satisfaction, or social obligations. They do not involve any monetary transactions and are performed for personal enjoyment, social well-being, or other non-financial reasons.

2. Monetary Transactions:
- Economic Activities: These activities are characterized by monetary transactions. Goods and services are exchanged for money, which serves as a medium of exchange.
- Non-economic Activities: Non-economic activities do not involve any monetary transactions. They are usually selfless or altruistic in nature and are not driven by monetary considerations.

3. Purpose:
- Economic Activities: The primary purpose of economic activities is to generate income, create wealth, and contribute to economic growth. These activities are essential for the functioning of an economy.
- Non-economic Activities: Non-economic activities are driven by personal interests, social obligations, or the desire for personal satisfaction. They may include activities like volunteering, hobbies, household chores, or spending time with family and friends.

4. Economic Value:
- Economic Activities: Economic activities have an economic value as they involve the production and exchange of goods and services. They contribute to the overall economic output and are measured in terms of their monetary value.
- Non-economic Activities: Non-economic activities do not have any economic value as they do not involve the production or exchange of goods and services for monetary gain. Their value lies in personal satisfaction, social well-being, or other non-financial aspects.

5. Inclusion in GDP:
- Economic Activities: Economic activities are included in the calculation of Gross Domestic Product (GDP), which is a measure of a country's economic performance. They contribute to the overall economic growth and development.
- Non-economic Activities: Non-economic activities are not included in the calculation of GDP as they do not involve any monetary transactions or contribute directly to economic growth.

In conclusion, economic activities are driven by the motive of earning income, involve monetary transactions, and contribute to economic growth. On the other hand, non-economic activities are driven by personal satisfaction, social obligations, or other non-financial motives and do not involve any monetary transactions. Both types of activities play significant roles in our lives, fulfilling different purposes and contributing to our overall well-being.

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