Differentiate between economic and non-economic activities

cbse
natureofbusiness

#1

Basis of difference :

  1. Meaning :
    Economic activities : Economic activities are those activities which are performed to earn a livelihood.
    Non-economic activities : Non-economic activities are those activities which are performed out of love, sympathy, sentiments, patriotism, etc
  2. Aim :
    Economic activities : The main aim of these activities is to earn profits
    Non-economic activities : The main aim of these activities is psychological satisfaction.
  3. End result :
    Economic activities : The end result of these activi-ties is to satisfy human need…
    Non-economic activities :The end result of these activities is mental satisfaction of the person performing them.
  4. Examples :
    Economic activities : A teacher, a carpenter,a doctor, an artist, etc
    Non-economic activities : A teacher teaching her own son, a doctor treating poor patients without charging any fees, etc.