The Value of Work

Different types of activities are divided into two groups or categories: economic activities and non-economic activities.

Economic activities are those that involve money or are performed in exchange for money or money’s worth for the parties involved. For example, a business person selling school bags in the market, a farmer selling produce in
the market, a lawyer arguing a case and earning a fee, a truck driver transporting goods from one place to another, workers employed in a car manufacturing factory, etc.

Non-economic activities are those that do not generate income or wealth but are done out of feelings like gratitude, love, care and respect. For example, parents cooking food for the family or helping their children with schoolwork, youth taking care of the grandparents, family members helping in the renovation of the house, etc.

Types of Economic Activities

Economic activities are those that have value in terms of money. Economic activities also add value at each stage of the process of transforming something into another form. This is called value addition.