Question

Explain the difference between economic and non – economic activities.

Answer 1

Economic activity	Non-economic activity
1. An activity performed with the purpose of obtaining economic benefits in the form of income is called economic activity.	1. An activity which is done without the purpose of obtaining economic gains is called non economic activity.
2. Objective of making economic gains, satisfaction of some want and involvement of exchange and cost are important aspects of an economic activity.	2. Unlike economic activities, such activities do not involve exchange of benefits on both sides of the transaction.
3. Activities done by farmers, lawyers, teachers, actors, government, etc. are all example of economic activities.	3. Charitable activity, or activities done out of love, affection, compassion, such as social service, mother teaching her son, etc. are all non economic activities.