which are undertaken to satisfy social, religious cultural and sentimental
requirements are called non-economic activities. A mother cooking for her family is the example of non-economic activities.
Economic resources are the scarce resources which help in the production of goods and services. Air, water, and sunlight are not the economic resources. This is because these resources are present in abundance which means they are not scarce. The example of economic resources are land, labour, capital.
Following are the main characteristics of a business:-
A supply method of issuing serviceable material in exchange for unserviceable material on an item-for-item basis is also called direct exchange.
All the manufacturing, processing, and construction activities are part of the secondary sector.
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