Differentiate between:
(a) Anjusha running a bakery and Manjusha cooking food at home.
(b) Poultry Farming and Mining
(a) Anjusha running a bakery and Manjusha cooking food at home.
(b) Poultry Farming and Mining
(a) Anusha is running a bakery which is an economic activity and Manjusha is cooking food at home, which is a non-economic activity.The difference
between economic and non-economic activities can be drawn clearly on the
following grounds:
·
An
activity related to buying and selling of goods and services for economic gain
is known as economic activity. An activity performed with empathy or moral
values without any regard to monetary gain is known as non-economic activity.
·
Economic
activities are performed for creating livelihood such as doing business. On the
other hand, non-economic activities are performed for social welfare or
psychological reasons.
·
Economic
activities are measured in monetary terms, whereas non-economic activities are
not measured in non-monetary terms.
·
Economic
activities give more importance to money. As against this, non-economic
activities have an idealistic approach wherein more importance is given to
human values instead of money.
·
Economic
activities are very important for the economy as they add value to the
country’s gross domestic product (GDP) as well as improve Balance Of Payments
through International trade. As opposed to non-economic activities, which have
no influence over country’s national income but gives importance to the
well-being of the human kind.
(b) Poultry farming is a genetic industry and Mining is an extraction industry.
Difference between them are:
Genetic industries deal with plants and animals for their use in further reproduction.
Extraction industries extracts or draws out products from natural resources.
(a) Anusha is running a bakery which is an economic activity and Manjusha is cooking food at home, which is a non-economic activity.The difference between economic and non-economic activities can be drawn clearly on the following grounds:
· An activity related to buying and selling of goods and services for economic gain is known as economic activity. An activity performed with empathy or moral values without any regard to monetary gain is known as non-economic activity.
· Economic activities are performed for creating livelihood such as doing business. On the other hand, non-economic activities are performed for social welfare or psychological reasons.
· Economic activities are measured in monetary terms, whereas non-economic activities are not measured in non-monetary terms.
· Economic activities give more importance to money. As against this, non-economic activities have an idealistic approach wherein more importance is given to human values instead of money.
· Economic activities are very important for the economy as they add value to the country’s gross domestic product (GDP) as well as improve Balance Of Payments through International trade. As opposed to non-economic activities, which have no influence over country’s national income but gives importance to the well-being of the human kind.
(b) Poultry farming is a genetic industry and Mining is an extraction industry.
Difference between them are:
Genetic industries deal with plants and animals for their use in further reproduction.
Extraction industries extracts or draws out products from natural resources.
