Question

Anwer each of the following questions in a paragraph.
Explain the different types of economic activities.

Answer 1

An economic activity refers to the activities which can be measured in monetary terms and which are performed with the motive of earning some gains which may or may not be in monetary terms. The different types of economic activity are:

1. Primary activities which extract or harvest products from the earth for raw materials in the industry or for basic food for the people.

2. Secondary activities includes industries and factories that helps in manufacturing goods both consumer's as well as producer's goods in the society for its people.

3. Tertiary activities which includes all types of services that are provided in an economy for the standard living of its citizens which includes banking services etc.