What are the importance of economic activities in development of a country ? Explain in detail ( 5 mks )
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Economic Activities
Any activity that generates income of any sort is known as an economic activity.
Actions which are involved in the production, distribution, and consumption of goods and services at all levels within a society are known as economic activities. These activities are fuelled by production that uses natural resources, labour, and capital. Over time, technological advances, innovation, the emergence of new markets, increased revenue flow, new product demand, automation of processes, and the emergence of intellectual property have made this concept diverse and dynamic.
Any activity that generates income of any sort is known as an economic activity.
Actions which are involved in the production, distribution, and consumption of goods and services at all levels within a society are known as economic activities. These activities are fuelled by production that uses natural resources, labour, and capital. Over time, technological advances, innovation, the emergence of new markets, increased revenue flow, new product demand, automation of processes, and the emergence of intellectual property have made this concept diverse and dynamic.
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Answer:
Primary activities:-
1. It is that sector which exploit natural resources and produce
natural goods and services.
2. It is famously known as agriculture sector.
3. It includes Farming, Forestry, Fisheries, Mining, Animal husbandry
etc.
Secondary Sector :-
1. Secondary sector transforms natural goods into manufacturing
goods and creates more utility for human beings.
2. It is popularly known as industrial sesector.
3. It includes manufacturing unit, small medium and large units,
corporates and multinational corporations.
Tertiary sector:-
1. It provides useful services to primary and secondary sector.
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