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Question

Which of the following is an economic activity?
  1. A Housewife doing household duties
  2. Playing friendly cricket match
  3. Teaching one's own daughter at home
  4. Manufacturing Chairs at subsidised rate

A
Playing friendly cricket match
B
Manufacturing Chairs at subsidised rate
C
Teaching one's own daughter at home
D
A Housewife doing household duties
Solution
Verified by Toppr

The definition of an economic activity is given as "any activity where goods and services are exchanged for money." The economic activity of production involves producing goods and services so that they can be sold in the market for fair price. The economic activity of consumption involves consumers lending their services in exchange for wages that they then use to purchase goods and services.

Manufacturing chairs is an economic activity as the producer is incurring a cost and will later sell the chairs for revenue.

Since money is not being exchanged for goods and services in any of the other situations, it is not considered an economic activity.

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