Question

difference between the economic and non economic activities activity give five points

Answer 1

Difference between economic and non-economic activities are

1. Economic activity is motivated by earning monetary rewards. Non-economic activities are motivated by emotions like love and service.

2. Hence, economic activities are measured in monetary terms. Non-economic activities cannot be measured in monetary terms.

3. The benefit from economic activities is that it increases consumption of the person who is engaged in that activity. The benefits of non-economic activities are social or psychological.

4. The approach taken in economic activities is pragmatic. People do not do economic activities because they love doing that activity. Instead, they engage in such activities out of necessity to earn an income. The approach taken in non-economic activities is idealistic.

5. Economic activities add towards national income. Non-economic activities do not add towards national income.