Q.What is meant by Economic Activities ?

Economic activities are the activities that human beings perform to earn income and a livelihood (for monetary gain); business, profession and employment are their main forms, as against non-economic activities done out of love, sympathy or duty.

Economic activities are those activities that are undertaken with the object of earning money, income or a livelihood. They are carried on to acquire wealth and to satisfy human wants using scarce resources, and their result can be measured in terms of money.

Key points a 2-mark answer should bring out:

• They are performed for economic (monetary) gain, not for love, affection or social duty.
• Their main forms are business, profession and employment.
• They contrast with non-economic activities (such as helping a friend or worship), which are done from sentiment or social obligation and not for money. …