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 ...
Tiwari Academy Discussion Latest Questions
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 ...
Volunteering in youth programs is classified as a non-economic activity because it involves offering time and effort without any expectation of payment. Volunteers contribute by organizing events, teaching skills, or helping with community projects, all aimed at benefiting others. This ...
Payment in kind refers to receiving goods or services instead of money as a form of payment for work. For example, a farmer might work on someone’s land and, instead of being paid in cash, receive a portion of the ...
Teaching computer skills voluntarily on weekends is a non-economic activity because it is done without expecting payment. Such activities are motivated by the desire to help others or contribute to society. For example, a person teaching computer skills to children ...
Community kitchens, or langars, play an important role in providing free meals to people in need, regardless of their background or religion. They are run by volunteers who work selflessly to cook and serve food to others. Langars promote the ...
A salary is the fixed amount of money paid to an individual for their work or services, usually on a monthly basis. It is a form of income earned by employees working in offices, schools, factories, or other organizations. For ...