Differentiate between economic and non-economic activities. - Vidyadip

Question

Differentiate between economic and non-economic activities.

✓

Answer

All human beings have different types of needs. So, in order to fulfill those needs, they have to perform some activities. Human activities are classified into economic and non-economic activities.

S. No.	Basis	Economic	Non-economic
1.	Meaning	Those activities whose aim is to earn money.	Those activities whose aim is not to earn money, and to create wealth, but to satisfy social, psychological and emotional needs.
2.	Example	A teacher teaching in a school. People working in factories.	A teacher teaches his/ her son/ daughter at home. A housewife cooks food for her family.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "3 Marks Question" from Business, Trade and Commmerce→Business, Trade and Commmerce — all question types→Business Studies STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

There is a group discussion taking place in Class XI regarding Social Responsibility of Business. Vineet feels that a business should be socially responsible towards the society as it exists in the society while Ramesh is against it as the basic objectives of a business is to earn profit.
Justify Ramesh's view point by giving four arguments.

Patanjali Ayurved Ltd., which expects to clock sales of $₹ 25,000$ crore in coming years is working on improving its distribution system.
In January the local unit of world's largest retailer, Walmart India, was in talks with Yoga Guru Baba Ramdev to sell its Patanjali products across its 20 cash-and-carry stores in nine states. Last year Future Group big bazaar partnered with Patanjali Ayurved to sell its products with a revenue target of $₹ 1,000$ crore by mid next year.
On the basis of the given information about Patanjali Ayurved Ltd., answer the following questions:
(a) Identify the types of channel of distribution by quoting the lines from above case.
(b) Explain any two services offered by the channel identified in part (a).

Explain political and legal causes of business risks.

After reading an advertisement in the newspaper about an upcoming public issue of preference shares of a pharmaceutical company, Tushar made up his mind to invest money in that issue. Later on, he discussed his plan with his friend Vikesh who he is a stock broker. Vikesh, on the contrary, advised him to invest in equity instead.
Give any three possible reasons because of which Vikesh wants Tushar to invest in equity and not in preference shares.

Mahendra Singh Dhoni is an Indian international cricketer. At the beginning of his career he worked as a Train Ticket Examiner in 2001 at Kharagpur railway station, in West Bengal. His father Pan Singh, worked for Public Sector Undertaking and his mother Devki Devi is a housewife. He has an elder brother, Narendra Singh Dhoni, who is a politician, and a sister, Jayanti Gupta, who is a teacher.

On the basis of the given information about Mahendra Singh Dhoni, answer the following questions:

(a) State by giving reasons, whether he and his family members are engaged in economic or non-economic activity

(b) Also state which type of economic or non-economic activities are they engaged in

Differentiate between moneylenders and indigenous bankers.

Enumerate the features of retail trade.

Equity Shares are known as Risk Capital. What is your view about it?

Ajay is the sole owner of a shoe manufacturing factory. He took loan of ₹20 lakhs from Ace finance company for the expansion of his business. Because of continuous losses however, he was not able to repay the loan on time. Assets of the business were not enough for repaying liabilities in full. As a result, the finance company asked him to repay their loan. He refused to do so on the ground that the loan was taken by his business and not by him for his personal use. The company filed a case against him. The court gave decision in favour of the company on the ground that Ajay was operating as the sole proprietor and a sole proprietor did not have a separate entity distinct of his own. The court further stated that Ajay had unlimited liability and held him liable to repay the loan even by selling his personal property, if need be.
Identify and explain two features of the form of business organisation formed by Ajay by quoting the lines from the case.

Rohan, a student of business studies, wants to understand the interrelation between industry, trade, and commerce. Help him.