What is an economy? Explain economic activities with at least 10 examples.
Answers
Economic activity is an activity of providing, making, buying or selling commodities or services by people to satisfy day-to-day needs of life. Any activity that includes manufacturing, distributing or utilising products or services.
Activities that involve money or the exchange of products or services are economic activities. The three types of economic activities are.
Business – This economic activity provides goods and services to satisfy human needs on a daily basis with the aim of earning profits.
Profession – It can also be defined as an occupation or a professional job that offers specialised services in return for professional charges.
Employment – The activity is based on a contract between the company and the employee. Here, the employee performs duties for the company, and are paid (wages or salary) in return.