B Com Exam > B Com Videos > Business Economics & Finance > Economic & Non-Economic Activities - Introduction to Business Economics
Economic & Non-Economic Activities - Introduction to Business Economics Video Lecture | Business Economics & Finance - B Com
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FAQs on Economic & Non-Economic Activities - Introduction to Business Economics Video Lecture - Business Economics & Finance - B Com
| 1. What is the difference between economic and non-economic activities? |  |
Ans. Economic activities refer to those activities that involve the production, distribution, and consumption of goods and services to satisfy human wants and needs. These activities are undertaken with the aim of earning income or profit. On the other hand, non-economic activities are those activities that are performed for personal satisfaction, social welfare, or cultural purposes. These activities do not involve the production of goods or services for monetary gain.
| 2. What are examples of economic activities? | |
Ans. Examples of economic activities include manufacturing, agriculture, mining, retail trade, transportation, banking, insurance, and tourism. These activities involve the production or exchange of goods and services for monetary compensation. They contribute to the economic growth and development of a country by generating income, employment opportunities, and tax revenues.
| 3. Can non-economic activities contribute to the economy? | |
Ans. Non-economic activities may not directly contribute to the economy in terms of monetary value or income generation. However, they play an important role in the overall development of society. For example, activities like volunteering, social work, education, healthcare, and cultural preservation contribute to the well-being and social welfare of individuals and communities. These activities indirectly support economic activities by creating a healthy and productive workforce.
| 4. How are economic and non-economic activities interrelated? | |
Ans. Economic and non-economic activities are interrelated and coexist in society. Economic activities provide the necessary resources, infrastructure, and income for individuals to engage in non-economic activities. Non-economic activities, in turn, contribute to the social and cultural well-being of individuals and communities, creating a conducive environment for economic activities to thrive. Both types of activities are essential for the overall development and sustainability of a society.
| 5. How do economic and non-economic activities impact employment? | |
Ans. Economic activities have a direct impact on employment as they create job opportunities and income for individuals. Industries and sectors involved in economic activities, such as manufacturing and services, employ a significant portion of the workforce. On the other hand, non-economic activities, although they may not directly generate income, also contribute to employment indirectly. For example, activities like education and healthcare require professionals and support staff, creating employment opportunities in these sectors. The overall balance between economic and non-economic activities is crucial for maintaining a stable and productive labor market.
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Nov 16, 2024 Last updated |
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