Question

List and explain any 3 importance of Economic Activities

Answer 1

In simple terms, Economic activity involves production , distribution, consumption and exchange.

1. To satisfy the human wants nd needs

2. To utilise the resources optimally

In our day to day life economic activity takes place in every persons life in one or another way. Some involves in production and some in consumption and few gets the produced goods and trade.

Land, labour, capital( investment),organisation and entrepreneurship the agents of production

Economic activity increases income and welfare of the nation

Employment opportunities increases when economic activity increases

When innovation nd technology improves , human choices increases there by increasing the demand and also it tries to reduce scarcity.


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Answer 2

IMPORTANCE:-

As the Greek philosopher Parmenides said, 'Nothing comes from nothing.'

Factors of production are the resources that allow us to create finished products and perform services.

You can't create a product out of nothing.

You can't even perform a service without labor, which is also a factor of production.

A modern economy, along with our modern society, cannot exist without factors of production, which makes them pretty darn important.

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