Question

Non-market activity is _________.
A. vendor selling the fruits
B. producing for self-consumption.
C. selling the products nearby temples.
D. selling the products through the Regulated Market.

Answer 1

Hint: A market is a place where people gather to purchase and sale livestock, provisions or items for their own benefit or profit.

Complete Step by Step answer: Non-market activities are those activities which are performed only for the purpose of self-consumption. It does not include any promotion or advertisement. There is no profit in performing these activities as they are for self-consumption. The output of such activities is not for selling products and gaining profits from them but for one’s own needs. Examples of non-market activities - barter transaction, household chores, teaching your own siblings etc.

Thus, the correct answer is option (B).

Note: Market activities refer to the activities which are performed to gain profit. The purpose of market activity is remuneration or profit by selling the output in the market. It includes the production of goods and services for marketing purposes. For example - a grocer selling his grocery to earn money, similarly a general merchant selling consumer durable to earn a profit.