Question

Which of the following is not an economic activity?

• A. A Son looking after his ailing mother
• B. A Chartered Accountable doing his own practice
• C. A Soldier serving at the border
• D. A Farmer growing Millets

Answer 1

Answer: (A)

A Son looking after his ailing mother

The definition of an economic activity is given as "any activity where goods and services are exchanged for money."

Since the son looking after his mother is not being paid for his services, nor does he want to, it is not considered an economic activity.

The economic activity of production involves producing goods and services so that they can be sold in the market for fair price. Examples of this includes a farmer growing Millets and a charted accountant doing his own practice.

The economic activity of consumption involves consumers lending their services in exchange for wages that they then use to purchase goods and services. Examples of this includes a solider serving at the border as he or she is being paid by the government for their services to the country.