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 ...