Topic: An introduction to the basics of economics

Man always kept himself engaged in some kind of activity to satisfy his material and social links. These activities were performed with some objective in view. It means, either to satisfy unlimited human wants, that are physical or emotional, or to earn one’s livelihood. The sum total of human activities may be broadly classified into two categories:
(i) Economic and
(ii) Non-economic activities

The non-economic activities are performed by human beings to satisfy their sentiments such as charity, religion, love, sympathy, patriotism, recreation etc., and also to meet social obligations such as good neighborliness, helping the poor and disabled and so on. Non-economic activities are, therefore, undertaken not for any material rewards but for one’s happiness, pleasure or satisfaction, which cannot be measured in terms of money.

The economic activities are undertaken to earn one’s livelihood and for the production of wealth. Human beings do not live by sentiments alone. For their survival they need food, clothing, shelter, education and medical assistance. Most of the people do some kind of work and are paid in money or money’s worth. Activities which are inspired mainly by economic considerable and results in the production of goods and services help to secure and enjoy the material resources of life. They are primarily concerned with the production, distribution and consumption of goods and services.

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