An Activity refers to a kind of work in which people are engaged in their day-to-day life that can be either economic activity or non-economic activity.
(i) Economic Activities : People are engaged in different type of activities, such as a doctor, teacher, lawyer, business man or industrialist, etc. Everyone is busy in one or another kind of work to earn money or wealth to satisfy their needs. Therefore, in simple terms, an activity which is related to the use of limited resources 5 is called an economic activity. For example, establishing a dairy for producing milk products for consumers which turns to be a method of earning wealth.
Further, economic activities are categorized in
different ways which are as under:
(ii) Non-Economic Activities : Those activities which are not concerned with earning money or wealth are called Non-Economic Activities. These are social activities, religious activities, ethical activities, charitable activities and parental activities. The objective of these kind of activities is not to earn money.