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 ...

Value addition affects the economy by increasing the worth of raw materials or products through various processes, such as manufacturing or processing. For example, turning cotton into cloth or raw iron into finished products adds value to those materials. This ...

The different types of compensation for economic activities include salary, wages, profit, and rent. Salary is a fixed amount paid regularly to employees for their work, while wages are typically paid on an hourly, daily, or weekly basis. Profit is ...

Teaching children at home is considered a non-economic activity because it is typically done without any financial compensation. Parents or guardians often teach their children to help them learn and grow, motivated by love and care rather than for earning ...

Non-economic activities contribute to social welfare by improving the well-being of individuals and communities without the expectation of financial reward. Activities like volunteering, helping the elderly, or participating in community clean-ups strengthen social bonds and foster a sense of responsibility. ...

Economic activities are important for society because they involve the production, distribution, and consumption of goods and services, which meet people’s needs. These activities create jobs, generate income, and help in the development of the economy. Through work, individuals earn ...