SSC MTS EXAM

Detailed explanation-1: -Explanation: every person does economic activity including firms and government!

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: -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-4: -Primary economic activity. Secondary economic activity. Tertiary economic activity. Quaternary economic activity.