What is the difference between economic and non economic activities

Economic Activities vs. Non-Economic Activities Main Difference The main difference between economic activities and non-economic activities is that economic activity carried out to satisfy human needs, whereas non-economic activities performed for gaining psychological satisfaction. Economic Activities vs. Non-Economic Activities — Is There a Difference? ADVERTISEMENT Comparison Chart Economic Activities Non-Economic Activities Economic operation refers to a human activity related to the production and consumption of goods and services for economic gain. Non-economic activity is an activity performed gladly, to provide services to others without any regard to monetary gain. Objectives These activities are related to wealth or money. These activities are not concerned with money but performed an act of pleasure, love, affection. Motive Economic Social or psychological Types These divided into production, consumption, distribution, and exchange. These divided into social, political, religious, charitable, parental and recreational activities. Money Measurement Measured in monetary terms. Lacks money measurement. Results in Creation of wealth and assets. Satisfaction and happiness. Scope These activities take place either between an employer and employee These activities generally take place between family members or between social workers. National Income Adds value to national income. Does not affects national income. Approach Pragmatic Pragmatic ADVERTISEMENT Economic Acti...

The difference between Economic activities and Non-economic activities is that Economic activities are for bringing cash, while non-economical activities provide services without gaining money. Economic activities are those activities that are related to the creation of the product, its trade, circulation, and utilization for the sole purpose of bringing cash or revenue to fulfill human needs with a limited amount of assets. In contrast to it, non-economical activities are the activities that are performed to provide services without gaining money. Difference Between Economic and Non-Economic Activities Economic activities are those undertaken for monetary gain, while Non-economic activities are undertaken for personal satisfaction or for social services. The difference between economic activities and non-economic activities is as under: • Motive: The major motive of economic activity is to gain monetary benefits, while non-monetary activities are psychological or social. • Approach: The economic activities manage thighs in a down-to-earth, i.e., in a sober-minded approach. It gives importance to human qualities rather than money or cash. • Monetary measurements: Money in terms of economic activities is measured in monetary/ financial terms, but cash estimation is required in non-economical activities. • Out Result: Economic activities create assets and wealth, while non-economical ones result in happiness and satisfaction. • Contribution to the GDP: Between these two, onl...

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Any human activity that is carried out in exchange for money or the value of money is referred to as economic activity. Workers in a factory, for example, are motivated by the desire to make a living. Those who engage in non-economic activities do so because they are motivated by emotions such as love, sympathy, or humanity rather than by monetary gain. Examples include children playing in the garden or dancing, a woman preparing dinner for the family, or a boy assisting an elderly man cross a busy street, to name a few. When comparing economic and non-economic activities, the most significant distinction is that economic activities are carried out to meet human requirements, whereas non-economic activities are carried out in order to satisfy psychological needs. Continue reading to learn more about the differences and similarities between these two types of human activities. Economic Activities Economic activity is defined as the provision, manufacture, purchase, or sale of commodities or services by individuals in order to meet their day-to-day requirements for survival. Economic activities are defined as any activity that is involved in the production, distribution, or utilisation of goods or services for a profit. Economic activities are any activities that involve the exchange of money or the exchange of goods or services. Economic activities include the production, distribution, exchange, and consumption of goods and services, to name a few examples of them. In order...

The difference are: Economic Activities Non-Economic Activities (i)Economic activities add value to the national income. (ii)Economic activities have two parts — market activities and non-market activities. (iii)Market activities involve remuneration to any one who performs i.e., activity performed for pay or profit. Non-market activities are the production for self-consumption. (i) Non-Economic activities do not add any value of the national income. (ii) Non-Economic activities do not contribute to the flow of goods and services in an economy. (iii) Increase in non-economic activities is not an indicator of the economic progressing. ( Unemployment: (i)Unemployment is said to exist when people who are willing to work at the going wages cannot find job. (ii)Unemployment in a country refers to that situation where in large number of working population is willing to work at the existing rate of wages but due to several reasons they fail to get any work. (iii)The working population includes people from 15 to 59 years. Boys and girls below the age of 15 years and men and women above the age of 59 do not fall in the category of working population. Seasonal Unemployment Disguised Unemployment (i) Seasonal unemployment happens when people are not able to find jobs during some months of the year. (ii)People dependant upon agriculture usually face such kind of problem. (iii)There are certain busy seasons when sowing, harvesting, weeding, threshing is done. (i) In case of disguised u...