Distinguish Between Economic Activities and Non-Economic Activities
By BYJU'S Exam Prep
Updated on: November 9th, 2023
The difference between Economic activities and Non-economic activities is that Economic activities are for bringing cash, while non-economical activities provide services without gaining money. Economic activities are those activities that are related to the creation of the product, its trade, circulation, and utilization for the sole purpose of bringing cash or revenue to fulfill human needs with a limited amount of assets. In contrast to it, non-economical activities are the activities that are performed to provide services without gaining money.
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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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