Meaning of Economic and Non-Economic Activities

Statistics for Economics

Statistics for Economics studies demands us to know more about economic facts. These economic facts are called as economic data. The objective of collecting data about these economic issues is to comprehend and explain these issues in terms of the various elements behind them. To put it in other words, it is the process of analysing them. For instance, when we examine the difficulties of poverty, we seek an attempt to describe it in terms of the various parts such as low productivity of people, backward technology, unemployment, etc.,

What is Economics?

Economics is a social science which deals with the production, distribution and consumption of goods and services. It is the study of how individuals, businesses, governments and countries make choices on allocating resources to motivate their needs and wants and attempt to determine how these categories should gather and correlate attempts to attain maximum output. Economic analysis certainly advances through analytical procedures, like mathematical logic, where the conjectures of different human activities are envisaged in a “means-ends” structure.

What is Statistics?

Statistics provides an extensive range of concepts and introduction to the subject which includes all the questions provided in the chapter provided in the Statistics syllabus.

Statistics is a section of mathematics that manages the collection, interpretation, analysis and presentation of numerical data. In other words, Statistics is a collection of quantitative data.

What are the Economic Activities?

Economic activity is the activity of providing, making, buying or selling commodities or services. Any activity that includes manufacturing, distributing, or utilising products or services is an economic activity.

What are the Non-Economic Activities?

Non-economic activity is an activity performed with the purpose of rendering services to others without any consideration to financial gain. Those activities which are initiated for personal content or to meet human sentiments are non-economic activities.

What are Economic and Non-Economic Activities

Economic activities
  • Economic activities are undertaken to earn money.
  • For example:
    • Worker working in a factory
    • A shopkeeper selling goods in his shop
    • The doctor attending patients in his clinic etc.
  • These activities are concerned with the production, distribution and consumption of goods and services, which are not available for free.
Non-economic activities
  • Non-Economic activities refer to those activities, which are not undertaken to earn money.
  • They are performed out of sympathy, love, patriotism, sentiments etc.
  • For example:
  • Charitable activities like blood donation camps, free education to needy students;
    • Religious activities like praying to God.
    • Social activities like a get-together, attending parties.
    • Political activities performed by different political parties
Multiple choice questions:
Q.1-What is the root cause of all economic problems?
a. Population

b. Scarcity

c. Unemployment

d. Poverty

Answer key
1-b
Q.No Fill in the blanks
1 _________activities refer to those activities, which are not undertaken to earn money.
2 __________activities are performed out of love, sympathy, sentiments, patriotism etc.
Q.No Answer key
1 Non-Economic
2 Non-Economic

The above-mentioned concept is for CBSE class 11 Statistics for Economics – Meaning of Economic and Non-Economic Activities. For solutions and study materials for class 11 Statistics for Economics, visit BYJU’S or download the app for more information and the best learning experience.

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