Practicing Success
Meenal produces 10kg of rice for his consumption. The production activity by Meenal will be considered as which of the following options? |
Market activity Non-market activity Philanthropic activity None of the above |
Non-market activity |
The activities that result in the production of goods and services and add to the value of national income are called as "economic activities". They have been further divided into 2 categories i.e. market and non-market activities. Market activities involve remuneration to anyone who performs i.e., activity performed for pay or profit. Non-market activities are the production for self-consumption. As, Meenal produces rice for his own consumption, thus will be considered as a "Non-market" activity. |