In Sahil’s case, a farm laborer typically receives payment in kind, which means compensation is provided through goods rather than cash. This could involve receiving a portion of the harvested crops, such as grains or vegetables, as payment for their ...
Tiwari Academy Discussion Latest Questions
Non-economic activities are still valuable despite not involving money because they contribute significantly to social cohesion, community well-being, and individual fulfillment. These activities, such as volunteering, advocacy, or cultural engagement, foster relationships, enhance social networks, and promote a sense of ...
The salary of a person involved in an economic activity is determined by several factors, including the individual’s skills, experience, and educational qualifications, as well as the demand and supply dynamics in the job market. Employers often consider the complexity ...
An activity that can be considered both economic and non-economic is community gardening. This activity involves individuals growing food or flowers collectively, which can lead to the economic benefit of selling surplus produce at local markets, thus generating income for ...
The main difference between economic and non-economic activities lies in their objectives and outcomes. Economic activities are primarily focused on the production, distribution, and consumption of goods and services with the aim of generating income or profit. Examples include manufacturing, ...
An example of a non-economic activity is volunteering for a community service project. This activity involves individuals dedicating their time and effort to help others without receiving any financial compensation in return. Non-economic activities, such as volunteering, advocacy, or participating ...
The term “value addition” refers to the process of enhancing the worth or utility of a product or service through various means. This can involve transforming raw materials into finished goods, improving product quality, or adding features that increase consumer ...
In Anu and Kabir’s story, it is Kabir who receives a salary as part of his job. He works in a capacity that requires him to perform specific tasks or services in exchange for monetary compensation. This dynamic illustrates the ...
A profession associated with a non-economic activity is that of a volunteer or social worker. These individuals engage in activities aimed at community service and social welfare rather than generating profit or income. Their work often involves providing assistance to ...
“Payment in kind” refers to a type of compensation where goods or services are exchanged instead of cash. This can include payments made in the form of agricultural products, commodities, or services, allowing individuals or businesses to fulfill their obligations ...