Economic activities are those undertaken with the objective of earning income or producing goods and services for the market. Transportation, Farming, and providing Services (like banking, education, healthcare, etc., for remuneration) are all examples of economic activities. Voluntary social service is typically rendered without the expectation of monetary reward, driven by altruistic motives, and therefore falls outside the realm of economic activities as defined in standard economics.
Which of the following is not an economic activity?
Asked in UPPCS Prelims 2023 · Topic: National Income & Gross Domestic Product (Definition and Importance of National Income)
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Answer: D. Voluntary Social Service
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