Question

What is an economic activity? What are the different types of economic activities?

Answer 1

An economic activity is something that is done in order to earn money.
The different types of economic activities can be classified into three main sectors: primary, secondary, and tertiary.

Primary: These activities involve deriving goods directly from nature in their original form. For example, agriculture, fishing, forestry, animal husbandry, poultry farming and mining.

Secondary: These activities are meant to transform raw materials provided by primary sector into goods. For example, quarrying and manufacturing.

Tertiary: These activities do not produce any tangible goods rather they result in the production of services. For example, trade, banking, insurance, etc.

Answer 2

Answer:

All the activities which gives an income in return is called economic activity. Ex. people working in factories, farms, banks, hospitals, schools etc and earning money.