BUSINESS STUDIES

What is the base for differentiating the...

What is the base for differentiating the economic and non-economic activities?

Text Solution

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The base for differentiating economic and non-economic activities is the end result. If end result is money income then it is economic, if end result is psychological satisfaction then it is noneconomic.

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What is the basis of differentiating between economic and non-economic activities? Classify the following activities as economic or non-economic: (a) A property dealer selling house for commission (b) A housewife doing household work at home (c) A teacher teaching in the scholl (d) A person offering prayer in the church.

What are economic activities?

Knowledge Check

Basic economic activities

A

(a)production

B

(b)capital formation

C

(c)consumption

D

(d)all of these.

Which of the following is non-economic activity?

A

Mother doing household work

B

Washerman washes cloth of people

C

Chef cooking food in hotel

D

All of these

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