What do you understand by Economic Activities? Examine the three types of economic activities
Answers
Economic activity: Activities that are related to the production and consumption of goods in return for money. The main motive is to earn money.
The economic activities are:
The economic activities are:Primary activity: these are related to the extraction of natural resources.
Secondary activity: these are related to the processing of raw materials.
Tertiary activity: these are related to providing services.
Answer:
An economic activity is a process that, based on inputs, leads to the manufacture of a good or the provision of a service.
Explanation:
The transformation from raw material to a finished product involves three types of economic activities:
- Primary Activities:
It includes all those connected with extraction and production of natural resources.
Example-Agriculture, fishing and lumbering.
- Secondary Activities:
Processing of natural resources manually or by machines.
Example-manufacturing of steel, weaving of cloth, baking of bread etc.
- Tertiary Activities:
They provide support to the primary and secondary sectors through services.
Examples-transport, trade, banking insurance and advertising etc.
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