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Economic Activities

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14 views3 pages

Economic Activities

Uploaded by

fifa03fifa3
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Economic Activities

Any human activity performed in exchange for money is called an economic activity. In
other words, economic activities are those efforts which are undertaken by man to earn
an income.
Economic activities result in the production of goods and services. These goods and
services are used by people to meet & satisfy their basic needs and desires.
Thus, an economic activity may be defined as any effort made by an individual, mental
or physical, with the intention to earn something in return. For an activity to be called
an economic activity it has to meet these two conditions.

• Workers working in a factory (a production unit)


• Farmers working in the fields
• A nurse caring for a patient
• Shopkeeper selling vegetables
• All these activities and many more are being carried out to get some monetary
return.

Economic activities are classified into different sectors:


1 Primary sector
• Mining and quarrying where raw materials such as coal, iron ore, copper, and
limestone, oil and gas are all minerals extracted from the ground.
• Fishing involves gathering different types of sea food.
• Dairy relating to the production of milk and milk products.
• Forestry involves managing forests to provide timber for wood products.
• Agriculture involves a range of farming activities such as food production ,
ornamental or exotic products (flowers and nursery plants.
Primary production is also known as extractive production.
2 Secondary sector
• In the secondary sector business activity involves converting raw materials into
finished /semi-finished goods.
• Examples include metal working, car production, textile production, chemical
and engineering industries, aerospace manufacturing, energy utilities, food
processing, construction and shipbuilding.
This sector is also called industrial / manufacturing sector.

3 Tertiary sector
The goods that are produced in the primary and secondary sectors need to be
transported to the markets. They may need to be stored . We may need to
communicate with the sellers to market them or communicate with the transporters
for transporting them. We may even need to take a loan to help in production,
transportation and marketing of the products.
The tertiary sector involves the provision of services that support the production and
distribution process i.e., activities do not produce goods but rather they are an aid in
the process of production.
This sector is also called service sector.
There is a wide variety of services and some examples are given below:

 Professional services such as accountancy, legal advice and medical care.


• Household services such as plumbing, decorating, gardening and house maintenance.
• Leisure services such as TV, tourism, libraries.
• Financial services such as banking, insurance.
• Commercial services such as freight delivery, transport (train, bus and air services),
advertising, warehousing and employment agencies.

4 Quaternary sector
The quaternary sector of the economy is an extension of the tertiary sector. It
concerns the intellectual services: research and development, higher education,
information generation, information sharing and consultation.

Greater the number of goods and services produced in a country, higher the income
earned by the people is, and more is the growth and development in the country.
All the people would be able to satisfy their basic needs. Moreover, the various goods
and services available to them would allow them to lead a good quality of life.
1 in its natural state, not yet changed, used or made
into something else
2 to extract stone or other material from an open
excavation or pit
3 to catch with a large net
4 the process of storing goods within a storage facility
5 a naturally occurring mineral containing a valuable
constituent for which it is mined
6 the various stages through which the production of
goods passes to reach the consumer

Classify the activities under the names of corresponding sectors of the economy:
advertising products calculating prices cutting metal assembling
mining coal marketing products pumping oil transportation
ICT (information and communication technology) smelting iron news and media
packaging products milling metal culture welding metal consulting

Primary sector Secondary sector Tertiary sector Quaternary sector

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