Difference Between Economic and Non-Economic Activities
Economic activities are those undertaken for monetary gain, while Non-economic activities are undertaken for personal satisfaction or for social services.
The difference between economic activities and non-economic activities is as under:
- Motive: The major motive of economic activity is to gain monetary benefits, while non-monetary activities are psychological or social.
- Approach: The economic activities manage thighs in a down-to-earth, i.e., in a sober-minded approach. It gives importance to human qualities rather than money or cash.
- Monetary measurements: Money in terms of economic activities is measured in monetary/ financial terms, but cash estimation is required in non-economical activities.
- Out Result: Economic activities create assets and wealth, while non-economical ones result in happiness and satisfaction.
- Contribution to the GDP: Between these two, only the economic activities contribute to the nation’s GDP.
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