ECONOMIC AND NON-ECONOMIC GOODS

Did you know that why do people work

Did you ask anyone that question that why are you working , an employee daily go to the office why, a farmer plough  his field why , doctor spend his nights to work why, means everyone works even ask yourself  why , you will get the simple answer that we work to earn our livelihood  in order to satisfy their wants and desires.

As we know that every person has a number of wants just like he needs food to live , cloths to wear  and shutter these are the basic needs that a man need . But apart from these there are also a number of wants that is milk, mobile, TV, fruits etc, that a man needs in order to fulfill his desires. And as we know that human wants are unlimited, let me explain that,

Suppose a man wants to buy a motorbike, so after a month or two he wants to ride a car did you know why because humans is by nature selfish and greedy he wants more and more that’s the reason human wants are not fulfilled so in economic terms in order to satisfy his unlimited wants he uses two types of goods that is Economic Goods and Non- Economic Goods.

Economic goods

,

These are those goods that a man arranges himself as I already discussed above that a man earn to live his livelihood he needs different sources to live a life just like food, cloths, shelter, TV, radio, mobile. These goods that he gets by that is called the Economic Goods.

Non-economic good

 

These are those goods that are free by nature that is Air, Water, land. These goods are also play an important role in our lives, so these goods we called the Non-Economic goods or in other words we called them as Free Goods.

Apart from that man engaged himself in two types of activities that is Economic and Non-Economic Activities.

When a man engaged himself in order to satisfy his wants that is Economic Activities like to earn for food shelter, cloths etc

And when a man engaged himself in activities like to play football, watching movies, dancing these are the Non-Economic Activates.