Economic & Non-Economic Activities- Introduction to Business Economics, Business Economics & Finance | Business Economics & Finance - B Com

What Are Economic Activities? 

• The main goal of economic activity is to produce, distribute, exchange, and consume products and services in order to earn a living and accumulate wealth. 
• This is done by engaging in various activities, such as trade, agriculture, manufacturing, and providing services. 
• Individuals engage in economic activity in order to make a profit or gain income.  
• The production, distribution, exchange, and consumption of products and services are at the heart of economic activity.  

Examples: A trader, an agriculturist, a manufacturer, a doctor, a teacher, and factory laborers are just a few examples of economic activity.

What are Non-Economic Activities? 

• Non-economic activities are ones that people do not do for money or financial gain. 
• They may do them out of love, affection, sympathy, or patriotism. 
• These activities are usually voluntary, and the goal is to help others, not to make money. 
• They cannot be quantified in terms of money because they are not done for that reason. 
• Non-economic activities encompass any acts that are carried out to satisfy human emotions, whether they are social, religious, cultural, personal, recreational, charitable, or patriotic.

Examples: Activities to do in your spare time, activities with a family commitment, cultural and religious activities, social welfare activities are examples of non-economic activities.

Comparison Between Economic Activities and Non-Economic Activities