Question 2 of 13intermediate💡 UnderstandShort Answer2 marks

What is their contribution to our everyday lives?

Correct Answer

Both economic and non-economic activities contribute significantly to everyday life.

Economic activities add value at each stage of transforming resources into useful products and services, such as a carpenter turning wood into furniture. They generate income and wealth for individuals and society.

Non-economic activities contribute to social welfare, personal wellbeing and enhance the overall quality of life. They foster a sense of satisfaction, gratitude, and community participation, such as volunteering, community service, and family care.

Exercise: Introduction | Q: 2 | (Page Page 1)
For More Understanding

Explanation

The chapter explains that economic activities create value addition through monetary transactions, while non-economic activities contribute to social welfare and personal wellbeing without monetary expectations. Both types are essential for a balanced society.

Solution Steps

  1. Economic activities add value at each stage of transforming resources into useful products and services

  2. Economic activities generate income and wealth for individuals and society

  3. Non-economic activities contribute to social welfare and personal wellbeing

  4. Non-economic activities foster satisfaction, gratitude, and community participation through examples like volunteering, community service, and family care

PreviousNext