ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Primary economic activity In less developed countries, primary economic activities are dominant. Mining and farming are the dominant industries in many smaller African and South American countries.

Detailed explanation-2: -The main purpose of any economic activity is earning profit. If the profit motive is missing in a transaction then, it cannot be considered an economic transaction. For example-business, profession, etc.

Detailed explanation-3: -Definition: A primary economic activity is a type of operation or industry that involves extracting or refining natural resources, such as mining, agriculture, forestry, and fishing.

Detailed explanation-4: -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.