BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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land, labour, capital, enterprise
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producers, households, consumers, government
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production, consumption, distribution, exchange
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wealth, welfare, scarcity, growth
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Detailed explanation-1: -Economic activity deals with the production, distribution, consumption and exchange of economic goods which are scarce in nature as compared to their demand and also those goods which have the utility to satisfy human wants.
Detailed explanation-2: -The four essential economic activities are resource management, the production of goods and services, the distribution of goods and services, and the consumption of goods and services.
Detailed explanation-3: -The type of economic activities-Primary, Secondary and Tertiary.
Detailed explanation-4: -One can broadly classify five distinct examples of economic activities. These activities are producing, supplying, buying, selling, and the consumption of goods and services.