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What is the difference between economic activities and non-economic activities?
Answer
Points to remember
- Economic Activities - Production of goods and services to add value to the national income.
- It has two parts - market activities and non-market activities .
- Market activities - activities performed for pay or profit.
- Non-market activities - production for self-consumption .
- Non-Economic activity - That does not add value to the national income, like household chores .
Answer to be written
- The activities that result in the production of goods and services that add value to the national income are called economic activities.
- Economic activities have two parts — market activities and non-market activities .
- Market activities involve activities performed for pay or profit . These include the production of goods or services , including government services.
- Non-market activities are the production for self-consumption .
- Activities that do not contribute to national income , such as a person doing household chores, are called non-economic activities.
