ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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rules in a game
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a sport
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how a government is run
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ways in which people make a living
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Detailed explanation-1: -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.
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: -Answer: Activities that add value to the national income are called economic activities. These have two parts − market activities (production for pay or profit) and non-market activities (production for self consumption).
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.
Detailed explanation-5: -An economic activity is a process that, based on inputs, leads to the manufacture of a good or the provision of a service.