What are Economic Activities?

Economic activity is an activity of providing, making, buying or selling commodities or services by people to satisfy day-to-day needs of life. Any activity that includes manufacturing, distributing or UTILISING products or services.

Activities that involve money or the exchange of products or services are economic activities. The three types of economic activities are.

Business – This economic activity provides goods and services to satisfy human needs on a daily basis with the aim of earning profits.

Profession – It can also be defined as an occupation or a professional job that offers specialised services in return for professional charges.

Employment – The activity is based on a contract between the company and the employee. Here, the employee performs duties for the company, and are paid (wages or salary) in return.

You might also want to know: Top 6 Difference Between Microeconomics And Macroeconomics

Features of Economic activities

Earning motive

Utility creation

Satisfaction

Measurement

Additional link: Organisation Of Economic Activities

What are Non-Economic Activities?

Non-economic activity is an activity performed with the purpose of rendering services to others without any consideration to financial gain. Those activities which are initiated for personal content or to meet human sentiments are non-economic activities.

Some common examples of non-economic activities are.

Free -Time Activities – Its only aims at acquiring pleasure in IDLE time. For instance, painting and singing, etc.

Family-Commitment Activities – This activity is dedicated and inspired by family. For example, a teacher offering education to her/his own child at home and a doctor consulting his family, etc.

Cultural and Religious Activities – The activity includes happiness and mental satisfaction. Example, e.g. worshiping God and visiting the temple, etc.

Social Welfare Activities – It is based on a passionate feeling of helping or sympathising towards others. Such as a donation to underprivileged, participation on relief camp to help people affected by war, natural calamities, etc.

Explore link: Important QUESTIONS for Class 11 Economics

Features of Non- Economic Activities

Service motive

Self-satisfaction

Non-measured in money

Social obligation

Important Topics in Economics:

Consumer Protection Act

What is Demand?

Circular Flow of Income

Consumer Equilibrium

Central Problems of an Economy

Multiple choice questions:

Q.1-What is the root cause of all economic problems?

a. Population

b. Scarcity

c. Unemployment

d. Poverty

Answer key

1-b

Q.No Fill in the blanks

1 _________activities refer to those activities, which are not undertaken to earn money.

2 __________activities are performed out of love, sympathy, sentiments, patriotism etc.

Q. No Answer key

1 Non-Economic

2 Non-Economic

The above-mentioned concept is for CBSE Class 11 Statistics for Economics – Meaning of Economic and Non-Economic Activities. For solutions and study materials for Class 11 Statistics for Economics, visit BYJU’S or download the app for more information and the best learning experience.

Also, explore:

Economics Sample Paper Class 11

Economics Sample Paper Class 12

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3 Comments

imran DECEMBER 4, 2019 AT 11:57 AM

the information was very useful me.

REPLY

Joshi aditi SEPTEMBER 1, 2020 AT 12:31 PM

The information was very useful to me

REPLY

Manisha NOVEMBER 23, 2020 AT 5:58 AM

super

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