Economic and Non-economic Activities
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Categorise these activities as economic or non-economic:
(i) Mother working as a nurse in a hospital.
(ii) Mother nursing her son suffering from fever
(iii) Reeta works as a teacher in a school
(iv) Geeta helps her son in his home-work
(v) Shyam looks after his younger brother and sister
(vi) Shyam works in a private firmMarks:5
What is the difference between economic and non economic activities?Marks:3
The activities which add value to the national income are called economic activities. In simple language we can say that those activities which are performed for money are called economic activities and those which are not performed for monetary gains are called non-economic activities.
If mother is working as a chef in a hotel, she gets paid for it. This is an economic activity. When she cooks food for her family, she is performing a non-economic activity because she is not paid for that.
What are non-market activities?Marks:2
Non-market activities involve production for self consumption. These include consumption and processing of primary products and own account production of fixed assets.
What do you mean by market activities?Marks:2
Market activities are the activities that involve remuneration to the person who performs it. These activities are performed for pay and profit. These include production of goods and services including the government services.
State the activities included under primary, secondary and tertiary sectors.Marks:5
On the basis of type of occupation, economic activities are divided into three sectors, i.e., primary, secondary and tertiary. Economic activities are the activities that add value to the national income. The activities included in different sectors are as follows:
• Primary sector includes activities like agriculture, forestry, fishing, poultry farming, mining etc.
• Secondary sector includes quarrying and manufacturing along with all types of industries.
• Tertiary sector includes trade, transport, communication, banking, education, tourism etc.