Which of the following is the example of economic activity?
A
Production
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
Consumption
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
Charity
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
A and B both
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
Open in App
Solution
The correct option is C A and B both The definition of an economic activity is given as "any activity where goods and services are exchanged for money." The economic activity of production involves producing goods and services so that they can be sold in the market for fair price. The economic activity of consumption involves consumers lending their services in exchange for wages that they then use to purchase goods and services.