Difference Between Economic Activities & Non-Economic Activities
The difference between Economic Activities and Non-Economic Activities is the motive behind the activity. Like economics, Activities are basically done with the logical and the rational mind with the aim of making a profit or financial gain. On the other hand, the Non-Economic Activities are done for passion, will, or emotional reasons.
But the difference between them is not always so clear, for example, if a person is making a painting as a hobby, it is a Non-Economic Activity but for some reason he decided to sell it then it will be Economic Activities. That’s why the nature and motive behind any activity decide whether the activity is Economic Activity or Non-Economic Activity.
Let’s see the major difference between them:
To satisfy their day-to-day needs of life by the people activity of selling, or buying, making, providing of services or commodities is defined as economic activity. Activities that deal with utilizing, distributing, or manufacturing products or services.
The involvement of the exchange of the services or the products or money is the economic activity.
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What are Economic Activities?
The following are the types given below:
To satisfy human needs on a daily basis, the activities that provide services and goods with aim of profit-making.
It is a kind of professional job or occupation with a specialized skill set and providing some specialized services in exchange for professional charges.
The contractual activities between the employee and company, where the duties are performed by the employee for the company and in return, he/she was paid salary or wages.
Features of Economic activity
- Earning motive
- Utility creation
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The activity that is performed without the considerations of any profit or financial gains and is done just for rendering services to others is known as non-economic activities. Activity that is done for meeting human sentiments or personal content or are termed as non-economic activities.
What are Non-Economic Activities?
The following are some examples:
During idle times the aim of acquiring pleasure is the free time activities. For example; reading, singing, and painting, etc.
Family commitment activities
The family institution’s dedicated and inspired activities like a lawyer consulting one of his family members, a trainer giving training to his/her own child, etc. are examples of family commitment activities.
Religious and Cultural activities
The activities which give mental peace or satisfaction and happiness are Religious and Cultural activities. For example; temple visiting, worshipping of God, etc.
Social welfare activities
The activities that are done out of passion or will for sympathizing or helping others in society are termed as social welfare activities. These activities are; to help affected by natural calamities, war, etc., or giving donations to the needy and the underprivileged, etc.
Features of Non- Economic Activity
The features of the non-economic activity is given below:
- Service motive
- Not measured in money
- Social obligation
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