Question

Make a list of activities in a bus stand or a market place. How many of them are economic activities?

Answer 1

The following are the activities in a bus stand or a market place

1. Buying of goods and services

2. Selling of goods and services.

3. Production process carried out by a firm

4. People purchasing bus tickets

5. Beggars asking for money

Yes, the above-mentioned activities are regarded as economic activities. This is because, these activities involve the use of scarce resources to carry out production, consumption, saving, investment, etc. These activities involve the exchange of money to earn a livelihood.
But the beggars asking for money is not an economic activity. This is because no production or exchange of goods and services are involved.