Economic Activities And Non economic Activities

Individuals engage in a variety of activities that assist them in their daily lives while also teaching them a few things. Economic and non-economic activities teach humans a variety of lessons. Individuals who endeavour to finish a certain task must demonstrate leadership traits and teamwork abilities, and they must improve these qualities by becoming more involved in the activities. Any individual can participate in one of two sorts of activities. Economic and non-economic activities are included. 

Difference Between Economic And Non-Economic Activities

Economic Activities: Economic Activities are carried out in nearly every area of society. People do these tasks for a living and earn a livelihood from them. Individuals’ economic activities include the following:

• Producing commodities and services.
• Using the goods or services that have been supplied.
• Disseminating the manufactured goods or services.
• Resource administration.

Individuals engage in one or more of these activities as economic activity. Individuals engage in a variety of economic activities. The service industry, intangible inventions from the human intellect sector, raw material & corporate sector jobs, manufacturing, and the decision-making sector are among them.

Sectors Of Economic Activities

Economic activities are divided into three categories: primary, secondary, and tertiary.

Primary sector operations rely on the environment and employ the earth’s resources such as land, minerals, water, and construction to generate the final goods. Agriculture is the primary sector’s principal activity. Mining, hunting, forestry, grazing, fishing, and other activities that fall within the purview of the primary sector are also included. 

The secondary sector includes all industries engaged in the production of goods. This sector’s money mobilisation promotes economic development and growth. Automobile manufacture, construction, chemical and engineering, energy utilities, shipbuilding, textile manufacturing, aerospace manufacturing, handicrafts, and so on are all industries.

The tertiary sector includes all services given to the general population. This industry covers banking, insurance, healthcare, wholesale, retail, and media services, among other things.

Non-Economic Activities

Non-Economic Activities are those activities that are performed without any aim of returns or income. Individuals achieve self-satisfaction and no remuneration returns. Other individual sentiments are addressed, and activities are initiated for personal content. For Example, an individual is serving disabled persons. Here there is no element of income or profit involved. Activities relating to helping disabled persons are for personal content and rendering services. 

Differences Between Economic And Non-Economic Activities

The distinction between economic and non-economic activities allows us to distinguish between the activities undertaken by individuals. Different activities are conducted in the economy when the distinction between economic and non-economic activities is known, which aids activity analysis.

The type of activities

• Economic activities are those that are done for a living.
• Non-economic activities: Activities performed for personal fulfilment.

Aspects of development

• Economic activities: Economic growth and development have been realised.
• Non-economic activities result in psychological and societal transformation.

Sector classification

• Economic activities: Economic activities are divided into three categories: primary, secondary, and tertiary.
• Non-economic activities: These are activities focused on interests, habits, or hobbies; hence, no sectors are engaged.

Primary goal

• Economic activities: The primary goal is to make money through offering services.
• Non-economic activities: The fundamental goal is to improve mentally and emotionally through engaging in such activities.

The activities’ outcomes

• Economic activities: The preferable consequences of executing these activities are business and employment.
• Non-economic activities: Non-economic activities provide personal happiness and societal responsibility. 

Economic And Non-Economic Activities Examples

The following are some instances of economic activity. Goods and services have poured into the economy, and income has been repaid.

• A music instructor teaching music
• A person working in a bank
• A farmer ploughing the soil
• A mine worker
• A worker building machinery 

The following are some instances of non-economic activities. Some activities are carried out, but not for monetary gain; they are classified as non-economic activities. Non-economic activities do not contribute to the flow of products and services into the economy and are mostly undertaken for personal fulfilment and out of compassion, love, and care. These activities have a minor economic impact. We cannot assess the value of these services since they are not sold on the market as a product. 

Some of the examples of non-economic activities include:

• A teacher instructing a class.
• A gentleman or lady who works at a bank.
• A farmer working on his field.
• A miner is a person who works in a mine.

Conclusion

We might infer that actions conducted can include economic and non-economic activities in order to grasp the distinction between the two. It is a non-economic activity for a mother to teach her child outside of care. However, when the mother teaches a few other children as well as her own kid, the other children pay for the services. This is economic activity since it involves generating money and producing a utility. In addition, satisfaction and monetary terms can be used to assess the services supplied.