Question
Differentiate between Economic and Non-Economic activities. Discuss the relationship
between Trade, Industry, and Commerce.
Answer :
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Economic activities are those activities undertaken primarily to earn income or create wealth, whereas non-economic activities are performed without the primary objective of monetary gain. Both are important parts of human life, but they differ in their purpose, motivation and outcomes. Economic activities involve the production, distribution and consumption of goods and services for earning a livelihood. Examples include a teacher working for salary, a farmer producing crops for sale, a factory producing goods, and a shopkeeper selling products. The main objective is to generate income or satisfy material needs through economic value. Economic activities can be broadly classified into
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