Friday, 13 September 2019

Economic and Non-Economic Activities | ICSE | Class 9 | Economics

Economic Activities refer to all those activities which are concerned with money or wealth.

The main purpose of such activities is to satisfy human wants. For example, a person running a shop or a person doing a job. Both these activities are economic activities as both these activities are carried out with an intention to earn some money. Also, both these activities are carried out with an intention of satisfying human wants like Food, Clothing, Shelter, etc. These wants are satisfied by money earnt by carrying out the above-mentioned economic activities.

Any economic activity has to be carried out within rules and regulations of the society.

Elements of economic activities-

1. Economic activities are human activities which are concerned with money or wealth.

2. The main objective of any economic activity is to satisfy human wants.

3. It is an activity which is concerned with the production, consumption, distribution and exchange of economic goods. Economic goods are goods which possess utility and are scarce as in comparison to their demand

Non-Economic Activities- These are the activities which are not concerned with money or wealth.

Non-Economic activities can be-

1. Social Activities like attending a marriage

2. Political Activities like activities performed by political parties like BJP, Congress, etc.

3. Charitable Activities like helping poor

4. Religious Activities like worshipping

5. Recreational Activities like playing cricket

6. Parental Activities like activities carried out by parents for their children out of love and affection.

If any of the above activities involve money or wealth, such an activity will become an economic activity. For example, footballer playing football just for recreation is a non-economic activity. But when he plays a football match for money, it is an economic activity.

In economics, we are concerned only with economic activities.

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