Human Activities (Research Points)
Human activities refer to all actions performed by human beings in daily life.
These activities are undertaken to satisfy human needs and wants.
Human activities can be broadly classified into economic activities and non-economic activities.
Economic Activities (Research Points)
Economic activities are performed with the primary objective of earning income.
These activities involve the production, distribution, and exchange of goods and services.
Economic activities lead to the creation of wealth and assets.
They require the use of scarce economic resources such as land, laboHuman Activities (Research Points)
Human activities refer to all actions performed by human beings in daily life.
These activities are undertaken to satisfy human needs and wants.
Human activities can be broadly classified into economic activities and non-economic activities.
Economic Activities (Research Points)
Economic activities are performed with the primary objective of earning income.
These activities involve the production, distribution, and exchange of goods and services.
Economic activities lead to the creation of wealth and assets.
They require the use of scarce economic resources such as land, labour, capital, and enterprise.
Examples include farming, factory work, business, trade, and professional services.
Non-Economic Activities (Research Points)
Non-economic activities are not undertaken for earning money.
The main purpose of these activities is personal satisfaction or social welfare.
These activities do not result in the creation of income or wealth.
They are driven by emotional, social, or psychological motives.
Examples include religious activities, charity work, sports, gardening, and recreation.
Difference Between Economic and Non-Economic Activities (Research Points)
Purpose
Economic activities are performed with an earning motive.
Non-economic activities are performed for social or psychological satisfaction.
Outcome
Economic activities result in wealth creation.
Non-economic activities result in happiness and satisfaction.
Income Expectation
Economic activities involve expectation of income or profit.
Non-economic activities do not involve any monetary expectation.
Nature of Decision
Economic activities are guided by rational and economic considerations.
Non-economic activities are guided by emotional and sentimental considerations.ur, capital, and enterprise.
Examples include farming, factory work, business, trade, and professional services.
Non-Economic Activities (Research Points)
Non-economic activities are not undertaken for earning money.
The main purpose of these activities is personal satisfaction or social welfare.
These activities do not result in the creation of income or wealth.
They are driven by emotional, social, or psychological motives.
Examples include religious activities, charity work, sports, gardening, and recreation.
Difference Between Economic and Non-Economic Activities (Research Points)
Purpose
Economic activities are performed with an earning motive.
Non-economic activities are performed for social or psychological satisfaction.
Outcome
Economic activities result in wealth creation.
Non-economic activities result in happiness and satisfaction.
Income Expectation
Economic activities involve expectation of income or profit.
Non-economic activities do not involve any monetary expectation.
Nature of Decision
Economic activities are guided by rational and economic considerations.
Non-economic activities are guided by emotional and sentimental considerations.
Occupations under Economic Activities
Economic activities are undertaken with the objective of earning income.
People generally perform economic activities on a regular basis.
Regular engagement in an economic activity is called an occupation.
Occupations are broadly classified into three categories:
Business
Profession
Employment
(i) Business
Business is an occupation involving the production and sale of goods and services for money.
It is carried out regularly and continuously.
The primary objective of business is profit earning.
Business activities include:
Mining
Manufacturing
Trading
Transportation
Warehousing
Banking
Insurance
Business involves risk and uncertainty due to fluctuating profits and losses.
(ii) Profession
Profession refers to an occupation that requires specialized knowledge and formal training.
The main objective of a profession is to provide expert services, not profit maximization.
Professionals charge fixed professional fees for their services.
Every profession is regulated by a professional body.
Professionals must follow a strict code of conduct prescribed by the professional body.
Examples include doctors, lawyers, engineers, and chartered accountants.
(iii) Employment
Employment is an occupation in which a person works under an employer.
The employee receives fixed wages or salary in return for work performed.
Terms and conditions of employment include:
Nature of work
Working hours
Salary or wages
Other benefits, if any
These terms are generally decided by the employer.
Employment involves no business risk, as income is fixed and regular.