explain the three basic economic activities
Answers
Explanation:
Production, consumption and capital formation are called the basic economic activities of an economy. Scarce resources are used in the production of goods and services with the objective of satisfying our needs and wants. ... Factors are paid rent, wages, interest and profits for their productive services.
Answer:
Different types of economic activities are given below
1 ) Primary activities - The activities which includes the production of basic foods and raw materials
☆ Activities include in this are like agriculture, forestry, fishing etc
2 ) Secondary Sector - This sector was related to the manufacturing and production of the raw materials and products
☆ In other words , it is known as Processing of raw materials . All industries fall into it .
3 ) Tertiary Sector - This includes services so called as service sector
☆ The tertiary industry is the segment of the economy that provides services to its consumers, including a wide range of businesses .
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Explanation: