question_answer

  What is meant by economic activities and how are these classified? Give one example of each.                  Or Distinguish   between   market   and non-market activities with three points of distinction,                Or What are the two type of economic activity? State two characteristics of each.

Answer:

                  Human resource is considered to be the best resource because (i) It is a way of referring to country's working people in terms of their existing productive skills and abilities. (ii) Looking at the population in form of human resource emphasises it is ability to contribute to the creation of the Gross National Product. (iii) When existing human resource is developed by becoming more educated and healthy, we call it 'human capital formation' that adds to the productive power of country just like 'physical capital formation'.