Choose if the given statement is True/False.

Economic activities are the activities that are performed with the motive of earning income.

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True

False

answer is A.

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Detailed Solution

The given statement is True.
Economic activities are those activities that are performed with the intention of earning income. These activities are primarily based on the production, distribution, exchange, and consumption or disposal of goods and services. Examples of economic activities are a laborer working in a factory, a teacher teaching in a school, a vendor selling fruits in the market, etc. The main purpose of these activities is not personal satisfaction but to earn a livelihood and acquire wealth. Simply put, the activities that receive some monetary gain in return are called economic activities. These activities contribute to the flow of goods and services in the economy, thereby adding value to the national income.

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