GENERAL KNOWLEDGE

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

Detailed explanation-3: -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-4: -An economic activity is classified on the basis of customers it connects and serves and by the kind of services it delivers. Depending on the mentioned criteria, economic activities are divided into following major four types, Primary, Secondary, Tertiary and Quaternary.