What is an economic activity? What are the different types of economic activities
Any work done with the motive of making money in a legitimate way is an economic activity.
Economic activities can be classified into three main types :
- Primary Activities These activities involve deriving goods directly from nature in their original form e.g. mining, fishing, agriculture, forestry, animal husbandry, poultry farming etc.
- Secondary Activities These activities are meant to transform raw materials provided by Primary sector into goods, e.g. construction and manufacturing.
- Tertiary Activities These activities do not produce goods. The activities in this sector result in the production of goods and services. Trade, transport, banking, tourism, health and insurance come under this sector