Flash Cards
1/19
What are economic activities?
Economic activities are those that involve money or are performed in exchange for money or money’s worth.
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2/19
What are non-economic activities?
Non-economic activities are those that do not generate income and are performed out of feelings like love or respect.
3/19
Give an example of an economic activity.
A farmer selling crops in the market is an example of an economic activity.
4/19
Give an example of a non-economic activity.
A parent cooking for the family is an example of a non-economic activity.
5/19
What does 'money's worth' mean?
Money’s worth is the monetary value that a person assigns based on the benefit they derive from an object.
6/19
What is value addition?
Value addition is the process of increasing the worth of a product at each stage of transformation.
7/19
How are economic activities classified?
Economic activities are classified into primary, secondary, and tertiary sectors.
8/19
Why are non-economic activities important?
Non-economic activities are vital for social welfare and enhance the overall quality of life.
9/19
What is volunteering?
Volunteering is engaging in activities that serve the community without expecting payment, like teaching skills to youth.
10/19
What does value creation mean in economic activities?
It refers to making products more valuable through processes such as manufacturing and marketing.
11/19
What is 'payment in kind'?
Payment in kind involves receiving goods instead of money, such as getting mangoes for farm labor.
12/19
What is an example of community participation?
The Swachh Bharat Abhiyan, where citizens participate in keeping the environment clean.
13/19
What is a professional fee?
A fee is a payment for professional services, like that of doctors or lawyers.
14/19
What's the difference between economic and non-economic activities?
Economic activities involve payment, while non-economic activities are performed out of love or service.
15/19
How do economic activities impact daily life?
They provide goods and services that people require, driving the economy.
16/19
List common economic activities you see daily.
Examples include grocery shopping, commuting to work, and receiving services like haircuts.
17/19
What is the significance of doing work?
Work contributes to personal development and fulfills societal needs, reinforcing community ties.
18/19
What does Swami Vivekananda say about work?
Swami Vivekananda encourages viewing work as worship, emphasizing dedication and focus.
19/19
How can family members contribute non-economically?
By cooking meals, helping with homework, or supporting one another emotionally.
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