Question

What is economic activity and explain the sectors of economy?

Answer 1

ᴇᴄᴏɴᴏᴍɪᴄ ᴀᴄᴛɪᴠɪᴛʏ

Actions that involve the production, distribution and consumption of goods and services at all levels within a society were refers to as economic activities.

Sᴇᴄᴛᴏʀs ᴏғ ᴇᴄᴏɴᴏᴍʏ

♠Tʰᵉ ᵗʰʳᵉᵉ ᵐᵃⁱⁿ ˢᵉᶜᵗᵒʳˢ ᵒᶠ ᵉᶜᵒⁿᵒᵐʸ ᵃʳᵉ ᵃˢ ᶠᵒˡˡᵒʷˢ:-

• Pʀɪᴍᴀʀʏ sᴇᴄᴛᴏʀ – extraction of raw materials

e.g.➡agriculture, fishing,etc.

• Sᴇᴄᴏɴᴅᴀʀʏ sᴇᴄᴛᴏʀ – concerned with producing finished goods, e.g.➡ factories making toys, cars, food, and clothes.

• Tᴇʀᴛɪᴀʀʏ sᴇᴄᴛᴏʀ – concerned with offering intangible goods and services to consumers. This includes➡ retail, tourism, banking, entertainment and I.T. services.

ʜᴏᴘᴇ ᴛʜɪs ᴡɪʟʟ ʜᴇʟᴘ ᴜʜ....