what do you mean by economic activity ? write its classification.
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Economic activities are those activities which add value to the national income. It has two types: market and non-market activities. Market activities; these activities are performed for pay or profit. Non-market activities; these activities are performed for self consumption.
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Economic activity means providing services to people for day to day work for living.
Economists say there are four basic types of economic activities: The Primary Sector, i.e., raw materials. The Secondary Sector, which includes industry and manufacturing. The Tertiary Sector, i.e., services. The Quaternary Sector, which we also call the 'knowledge sector.
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