Question

State with reasons, whether the following statements are True or False:

Economic Activities are performed with the purpose of gaining satisfaction.  

Answer 1

This statement is FALSE.

Reasons:

‐  Economic activities are undertaken for the purpose of earning livelihood while non‐economic activities are performed for gaining happiness, pleasure and satisfaction.

‐  Reward for economic activity is money or money’s worth.

‐  Examples of economic activities are: a teacher teaching in a school, a worker performing work in a factory, a doctor treating a patient etc.

‐  Non‐economic activities are undertaken without the intention of gaining money or material rewar

‐  Examples of non‐economic activities are: cooking for one's children, reading a book, listening to music etc.

Thus, the above statement is false.