BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Economic activities are carried out by human beings to earn their income and to acquire wealth. For example, a trader, an agriculturist, a manufacturer, a doctor, a teacher, and laborers working in a factory are all examples of economic activities.

Detailed explanation-2: -An economic activity takes place when resources such as capital goods, labour, manufacturing techniques or intermediary products are combined to produce specific goods or services. Thus, an economic activity is characterised by an input of resources, a production process and an output of products (goods or services).

Detailed explanation-3: -Activities undertaken with the main aim of earning money and creation of wealth are known as economic activity.

Detailed explanation-4: -Production, consumption and capital formation are called the basic economic activities of an economy. Scarce resources are used in the production of goods and services with the objective of satisfying our needs and wants.

Detailed explanation-5: -An economic activity is an activity of providing, making, buying, or selling of commodities or services by people to satisfy their day-to-day needs of life. Economic activities include any activity that deals with the manufacturing, distributing, or utilising of products or services.