What is the difference between economic activities and non-economic activities?
Economic activities refer to actions that involve the production, distribution, exchange, and consumption of goods and services with the goal of generating income, creating wealth, and satisfying human needs and wants. Examples of economic activities include farming, manufacturing, retail trade, and financial services.
On the other hand, non-economic activities are activities that do not involve the production, distribution, exchange, and consumption of goods and services for the purpose of generating income. Examples of non-economic activities include household chores, volunteering, and personal leisure activities.
The main difference between economic and non-economic activities is that economic activities are directed towards the generation of income and wealth, while non-economic activities are not. While non-economic activities are important for personal well-being and quality of life, they do not contribute directly to the economy and are not included in economic measures such as gross domestic product (GDP).
