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What are the differences between economical and non-economical activities? |
| Answer» Ans.\xa0\tBASIS FOR COMPARISONECONOMIC ACTIVITYNON-ECONOMIC ACTIVITYMeaningEconomic activity refers to a human activity related to production and consumption of goods and services for economic gain.Non-economic activity is an activity performed gladly, with the aim of providing services to others without any regard to monetary gain.MotiveEconomic, i.e. to earn money.Social or psychological, i.e. out of love, affection, etc.Money measurementMeasured in monetary terms.Lacks money measurement.ApproachPragmaticIdealisticResults inCreation of wealth and assets.Satisfaction and happiness.National IncomeAdds value to national income.Does not affects national income.\t\xa0 | |