Is there any difference between economic activities...

Economic and non-economic activities are undertaken with a different object and purpose and they are different from each other in the following ways: 1. Objective: Economic activities are performed to earn money. Every person does some kind of work so that he is able to earn his living. The money earned from such activities is used to satisfy various needs. Non- economic activities are performed out of love and affection or out of duty. The purpose of undertaking these activities is to get some satisfaction. Non-economic activities may be social, cultural, religious or recreational. 2. Scope: Economic activities may take place between employers and employees or between producers and consumers. Non-economic activities may be among members of a family, social worker and those being served etc. 3. Money Measurement: Economic activities are measured in money or money’s worth while non-economic activities have no money value. A doctor attending a patient charges a fees for this work so the activity is valued in money. A social worker, on the other hand, serves a patient out of his zeal and its activity has no money value because he provides it without the aim of getting anything. 4. Philosophy: Economic activities are backed by pragmatic philosophy of earning something out of them. Non-economic activities are performed with idealistic philosophy of attaching more importance to human values and less to money. The feeling here is to do something for others and have one’s own satisfaction. 5. Expectation: The expectation of performing economic activities is to earn income or profit. Non-economic activities are performed to get mental satisfaction. 6. Duration: Economic activities are performed regularly and for the major period of one’s life. It may be in the old age that one may stop working. Non-economic activities are performed during leisure or spare time, which is very limited. read less