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Sefali Mitra

Sep 21, 2014

Economic Activities

What are Economic Activities?

Answers(1)

Answer

Aruna kumari Sripada

Economic activities can be categorized into three types, viz. primary, secondary and tertiary activities.
Primary Activities: Economic activities which are related to agriculture, poultry farming, fishing, horticulture, animal husbandry, mining, quarrying, etc. are called primary activities. Natural resources are just extracted (with little or no modification) in primary activities.
Secondary Activities: Manufacturing is called secondary activity. Natural resources are properly modified in secondary activity.
Tertiary Activity: Economic activities which support the primary and secondary activities are called tertiary activities. Banking, transport, finance and different types of services come under tertiary activities.

On the basis of production goal, economic activities are also divided into two types, viz. market activities and non-market activities.
Market Activities: When some product or service is produced to be sold in the market, it is called market activity.
Non-market Activities: When some product or service is produced for self-consumption, it is called non-market activity. If a farmer produces just enough to meet his family needs, then his activity is a non-market activity. Similarly, the work of a housewife is a non-market activity; because she is working for the benefit of her family members.
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