Value addition is the process of increasing the worth of a product by enhancing it through various activities. For example, when raw cotton is turned into cloth, its value increases. This is important in economic activities as it creates more ...

A payment in kind means receiving goods or services instead of money as a reward for work. For example, if a farmer works on someone’s land and instead of being paid in cash, they are given a share of the ...

Monetary compensation refers to the payment made in the form of money for the work or services provided. It is the most common type of compensation given to employees, workers, or service providers. For example, when a teacher is paid ...

Monetary compensation refers to the payment made in the form of money for the work or services provided. It is the most common type of compensation given to employees, workers, or service providers. For example, when a teacher is paid ...

A technician’s work is classified as an economic activity because it involves providing specialized services in exchange for money. Technicians perform tasks like repairing machines, fixing electrical issues, or maintaining equipment, which are essential for various industries and households. Their ...

Community festivals are valuable despite being non-economic because they help bring people together, strengthening social bonds and fostering a sense of unity. These festivals are often organized through collective effort and are a way for communities to celebrate culture, traditions, ...

A market is a place where goods and services are bought and sold. It can be a physical location, like a shop or a market square, or it can be an online platform. In the market, buyers and sellers exchange ...

Cooking food at home is not considered an economic activity because it is typically done for personal consumption and not for earning money. It is a non-economic activity as it is motivated by the need to nourish family members rather ...

Farmers perform various economic activities that are essential for producing food and raw materials. They grow crops like wheat, rice, and vegetables, and raise animals for milk, eggs, and meat. Farmers also engage in activities like planting seeds, watering crops, ...

People are motivated to participate in non-economic activities by a sense of social responsibility, helping others, and contributing to the community. These activities, like volunteering or teaching without pay, are driven by the desire to make a positive impact rather ...