Question

Types of Economics activities​

Answer 1

                                                                                                               

Four Types of Economic Activities in business and commercial

• Income Generation : All economic activities will generate some form of income. when you employ any one of the factors of production (land, capital, labour, entrepreneur) and in return earn an income in form of wages, salary, rent, royalty, profit, etc, we will classify such an activity as an economic activity. For example, rent earned on a property.

• Productive in Nature : If the activity is a means of livelihood it means it implies that there was some element of the production process involved.examples. A worker in a factory is producing goods, a software engineer is providing services, a teacher also produces services. Similarly, farming is an economic activity as again it helps in production.

• Consumption is also an Economic Activity : Consumption is the demand side of the market. It is what generates the production and the supply of goods and services.  

• Savings, Investment, Wealth : Savings is the income that is not spent. Such savings are invested in a variety of instruments such as savings account, term deposits, the stock market, mutual funds, real estate, gold, etc. So such investment turns to wealth

                                                                                                             

Answer 2

Answer:

There are four types of economics activities (1)Primary activities (2) Secondary activities (3) Tertiary activities (4) Quaternary activities

Explanation:

(1)Primary activities -:we are referring to the activities the deal with the acquiring of natural resources directly from nature . Things like gathering farming ,hunting , fishing , forestry and many other similar activities are considered primary economics activities .

(2) Secondry activities -: The simplest way to explain these activities is to say that they include mostly manufacturing industries . So anything that gets created in factories from processed foods to clothes , belong to secondary economics activities

(3) Tertiary activities -: The activities in this group deal with providing various kind of service . Anything ranging from clerks and barbers to auto mechanics falls into this group we call the workers in these activities pink -collar workers

(4) Quaternary activities -: This group of activities includes all of those that are provided in special environment .A good example would be health service which we can only get in hospitals for example theatres fall under quaternary activities because they provide entertainment services