Which one of the following would not constitute an economic activity?

Key Points

• Economic activities are those that involve the production, distribution, and consumption of goods and services for financial or monetary benefits.
• Teaching one's own daughter at home does not involve any monetary transaction or financial benefit, making it a non-economic activity.
• Non-economic activities are primarily undertaken for personal satisfaction, emotional reasons, or social service without the intention of earning money.
• Examples of non-economic activities include cooking for one's family, volunteering for social causes, or teaching one's own children.

Important Points

• Economic activity: Any activity that is undertaken to earn a livelihood or generate income is termed as economic activity.
• Non-economic activity: These activities are undertaken for personal satisfaction or emotional reasons without any monetary or financial gain.
• Examples of economic activities include working in a job, running a business, providing professional services, etc.
• Examples of non-economic activities include household chores, social work, and teaching one's own children.